VAT Fee Tax on Money Transfer From KSA 5%

VAT 5% Fee Tax on Money Transfer in KSA

Recently this is confirmed by GAZT General Authority or Zakat and Tax that 5% of VAT Tax Value Added Tax on Money transfer from Saudi Arabia KSA starting on 1st Jan 2018. Don’t go for further calculation but the point is that these VAT will not apply to the amount you are transferring/sending from Saudi Arabia to other countries like India, Philippines, UAE, and others.

The VAT 5% will not be included in the transfer fee but you are going to pay it to GAZT General Authority of Zakat a Tax in Kingdom of Saudi Arabia. As per Saudi Gazette and Saudi Expat, there are lost transfer/money transaction exempted from paying the VAT tax 5%. This is for interest-based loans, paying and do transactions via credit cards and more like current and deposit account in KSA.

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5% VAT Fee Tax on Money Transfer From KSA

Besides all the above, there is some good news too for all expats and Saudis living in KSA. That VAT Tax won’t be applied to expats and other employee salaries, other Government services, and its fee, Insurance policies like MidGulf, etc, Hospitals and Madiciends and House Rents, etc. And don’t worry this is confirmed by GAZT General Authority of Zakat and Tax.

Alongside the other good news is that VAT Tax will also not be applied to exports goods etc from KSA. Things not included in Tax are Spare part etc, Transport and maintenance, transportation of other goods exporting from the Kingdom and lots of other transportation too.

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Check Out: VAT and Sin Tax in Saudi Arabia

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