VAT DRAFT APPROVED BY KSA GOVERNMENT
KSA Shura Council, also known as the National Consultative Assembly, approved during its 45th regular assembly session held today 12-October-2017 under the chairmanship of Vice-Speaker Dr. Mohammed bin Amin Al-Jeffry the added value tax draft.
The Council also marked the necessity of initiating the unified program for the citizen’s account before starting the application of the system, reported the Saudi state-owned news agency SPA. The Consultative Assembly is authorized to propose draft laws and forward them to the King, but only the King has the power to pass or enforce them.
Moreover, Al-Shura Council called on the Ministry of Housing to assist the delivery of housing products to residents, emphasizing the removal of procedural obstacles from the option of giving direct loans through the activities of the Real Estate Development Fund, giving priority to lending to citizens and avoiding financing developers.
For more details what is VAT check this link.
The Council also marked the necessity of initiating the unified program for the citizen’s account before starting the application of the system, reported the Saudi state-owned news agency SPA. The Consultative Assembly is authorized to propose draft laws and forward them to the King, but only the King has the power to pass or enforce them.
Moreover, Al-Shura Council called on the Ministry of Housing to assist the delivery of housing products to residents, emphasizing the removal of procedural obstacles from the option of giving direct loans through the activities of the Real Estate Development Fund, giving priority to lending to citizens and avoiding financing developers.
For more details what is VAT check this link.
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