Saudi Arabia will impose a selective tax on cigarettes, energy drinks and carbonated drinks from June 10.
The decision will make Saudi the first country in the Gulf Co-operation Council to fix the implementation date, a Saudi Gazette report said quoting the General Authority of Zakat on Sunday.
The General Secretariat of GCC on May 23 took a decision to impose 100 per cent tax on cigarettes, and energy drinks. The carbonated drinks will attract a tax of 50 per cent.
The country will implement the value-added tax (VAT) from January 1.
The selective taxes that will be implemented by all Gulf countries target several items, including tobacco products and power drink by 100 per cent and fizzy drinks by 50 per cent.
The Zakat Authority is responsible for collecting VAT and ST, ensuring that all taxpayers comply with relevant laws and that no one evades taxes.
Those who withhold information or violate regulations or obstruct Zakat Authority’s employees from carrying out their duties will be fined up to SR50,000(INR 8,60,000 Approax), the report added.
Saudi Arabia will impose a selective tax on cigarettes, energy drinks and carbonated drinks from June 10.
The decision will make Saudi the first country in the Gulf Co-operation Council to fix the implementation date, a Saudi Gazette report said, quoting the General Authority of Zakat on Sunday.
The General Secretariat of GCC on May 23 took a decision to impose 100 per cent tax on cigarettes and energy drinks. The carbonated drinks will attract a tax of 50 per cent.
The country will implement the value-added tax (VAT) from January 1.
The selective taxes that will be implemented by all Gulf countries target several items, including tobacco products and power drink by 100 per cent and fizzy drinks by 50 per cent.
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