Almarai product prices to rise only 5% after VAT

Prices of Almarai Co.’s products will only rise by 5 percent on applying value-added tax (VAT) as of today, the firm said.

Any other increase in prices will not be from the company’s part, it added.

Saudi Arabia will apply a 5 percent VAT to some goods and services starting today, Jan. 1, 2018. The new tax applies to all goods sold by a taxable person, regardless of the production date.