Riyadh — The Council of Ministers approved on Monday the unified agreement on Value Added Tax (VAT) and selective taxes in the Gulf Cooperation Council (GCC) states.
Saudi Arabia’s 2017 state budget recommended a 5 percent Value Added Tax (VAT) from 2018, without any change in the prices.
Other Gulf countries are also expected to implement VAT system by the beginning of next year.
King briefs Cabinet on Trump’s call
Custodian of the Two Holy Mosques King Salman briefed the Council of Ministers on Monday on the telephone call he received from US President Donald Trump.
The two leaders discussed on Sunday the historic ties and the latest developments in the region and the world as well as the strategic partnership for the 21st century.
They stressed the importance of enhancing economic, security and military cooperation.
They had identical views on fight against terrorism, extremism and terror funding and how to develop appropriate mechanism to counter these in addition to confronting those who seek to undermine security and stability in the region and interfere in the internal affairs of other states. They also agreed on what has been expressed by the King on support for the establishment of safe zones in Syria.
Trump commended and supported the Kingdom’s Vision 2030.
In a statement to Saudi Press Agency (SPA) after the session, Minister of Culture and Information Adel Al-Turaifi said the Cabinet praised the accomplishments of brave security men in various security sectors and their efforts in fighting terrorism.
The Cabinet noted the results of the investigations following the raid on two hideouts of a dangerous terrorist cell in Jeddah.
The Cabinet condemned the Israeli approval to construct hundreds of new settlement units inside those already established in the territories of the occupied Al-Quds.
It stressed that these actions aimed at the Judaization of large parts of the West Bank, including Al-Quds, are contrary to the will of the international community, human rights Act and UN Charters.