Finance Minister Mohammed Al-Jadaan said that Saudi Arabia has generated SAR 47 billion revenue from value-added tax (VAT) in the first year of implementation.

 

Speaking at the first Zakat and Tax Conference on Wednesday, he added that VAT was implemented in a record time and led to fundamental shifts in the Kingdom's tax management system.

 

In addition, VAT compliance reached 90%, beating the General Authority of Zakat and Tax's (GAZT) expectations of 60%-70%.

 

Saudi Arabia has started the implementation of VAT on Jan. 1, 2018.

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