Crown Prince says 15% VAT to remain 5 years maximum, rules out income tax scheme

RIYADH, April 28 (INP): Crown Prince Mohammed bin Salman said that imposing a 15% value-added tax (VAT) is an interim decision. “I know it is a painful decision, but it aimed to avoid bitter decisions,” he explained.

VAT at 15% will remain in effect for a maximum period of five years, the Crown Prince said.

According to Argaam.com that Crown Prince added that the Kingdom is not planning to impose an individual income tax.