Riyadh — Money transfer charges will increase from January 1st as 5% Value Added Tax (VAT) will be levied on money transfer fees, according to the General Authority of Zakat and Tax (GAZT). The 5% VAT will be on the money transfer fee and not on the transfer amount, GAZT clarified, adding that VAT will be paid by the person sending money.
As all people known that VAT will be implemented in the Kingdom from Jan. 1 2018. No VAT on passport and driving license issuance and renewal fees. No VAT will apply on exports to countries outside the Gulf Cooperation Council, services given to non-residents of GCC countries.
Source: Saudi Gazette.
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