Selective tax could bring Saudi Arabia SAR 15 bln in annual revenue

Saudi Arabia expects nearly SAR 15 billion in annual revenue from the planned selective tax, Okaz newspaper reported on Tuesday, citing Suleiman Al-Dahyan, indirect tax director at the General Authority of Zakat and Tax (GAZT).

Taxpayers are required to file tax returns every two months and pay within 15 days from the submission date, Al-Dahyan said, adding that fines will be imposed for delayed payments and registrations or false information.

The kingdom will impose selective taxes on tobacco, soft, and energy drinks in Q2 2017, Argaam earlier reported.

A tax of 100 percent will be levied on tobacco and byproducts, as well as energy beverages, while a 50 percent tax will be applied to soft drinks.