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Name the two Arab countries which introduced Value Added Tax (VAT) for the first time?
- a)Saudi Arabia and Algeria
- b)Saudi Arabia and United Arab Emirates (UAE)
- c)Saudi Arabia and Bahrain
- d)Saudi Arabia and Qatar
- e)Saudi Arabia and Djibouti
Correct answer is option 'B'. Can you explain this answer?
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Name the two Arab countries which introduced Value Added Tax (VAT) for...
Saudi Arabia and the United Arab Emirates (UAE) introduced the Value Added Tax (VAT) for the first time from Monday. It is a five per cent tax on most goods and services to boost revenue.
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Name the two Arab countries which introduced Value Added Tax (VAT) for...
Saudi Arabia and United Arab Emirates (UAE) introduced Value Added Tax (VAT) for the first time. The VAT is levied on food, clothes, electronics, gasoline, phone, water, electricity bills, hotel reservations, etc. Most of the goods and services are levied5% tax. Medical treatment, financial services and public transport also excluded from VAT. This is done in a move to boost income in Saudi Arabia and UAE apart from their oil field earnings. In Saudi Arabia, tobacco and soft drinks have been levied tax. In UAE, road tolls have been increased and a tourism tax has been introduced.
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