VAT Fee Tax on Money Transfer From KSA 15%
Recently the GAZT General Authority confirms or Zakat and Tax that 15% 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, the Philippines, UAE, and others.
The VAT of 15% will not be included in the transfer fee but you are going to pay it to GAZT General Authority of Zakat a Tax in the Kingdom of Saudi Arabia. As per Saudi Gazette and Saudi Expat, there are lost transfer/money transactions excluding paying the VAT tax of 15%. This is for interest-based loans, paying and doing transactions via credit cards, and more like current and deposit accounts in KSA.
15% 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 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 apply on exported goods etc from KSA. Things not included in Tax are Spare parts etc, Transport and maintenance, transportation of other goods exporting from the Kingdom, and lots of other transportation too. Also read: VAT and Sin Tax in Saudi Arabia