BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News



Saudi Arabian bunker firms prepare for 2018 VAT regime

Supplies of goods and services will be subject to VAT from January 1.



Saudi Arabia flag. Image credit: File image / Pixabay


Updated on 20 Dec 2017 12:55 GMT

Bunker sellers in Saudi Arabia are preparing for the new value added tax (VAT) regime, which is due to become effective from January 1, 2018.

According to article 53 of the country's VAT law, from the start of next year, all imports into and supplies of goods and services in Saudi Arabia will be subject to VAT.

The standard VAT rate will be five percent; however, in accordance with the GCC VAT treaty and Article 10 of the KSA VAT law, certain goods and services will be subject to zero VAT or will be exempted from VAT altogether. This will include goods movements from other Gulf Cooperation Council (GCC) states.

Local seller Saudi Shipping and Maritime Services Co. Ltd (Tranship) on Wednesday informed its network of industry contacts that it will be adding VAT "on all taxable invoices in accordance with the system from the date 1 January 2018".

"We also ask you to ensure that all invoices for dealing with us comply with the requirements of the VAT Act," the company said in an email.

Tranship, which already has a valid VAT registration certificate ahead of next month's changes, also reminded its contacts to provide them with their tax number and VAT registration certificate.

Saudi Arabia is one of six GCC states launching a five percent VAT regime on January 1. The other countries are: Bahrain, Kuwait, Oman, Qatar and UAE.






Related Links:

Sing Fuels director: India's 5% GST on bunker fuel 'may still be too high'
Boost for Indian bunker sellers as GST rate is slashed to 5%
Saudi Arabia

Latest News:

EGCSA 10th anniversary workshop to be held in London
EGCSA member survey reveals scrubber system increase
Oil and fuel oil hedging market update
Many unresolved issues left for last PPR meeting before 2020: IBIA
Volatility and supply
IBIA calls for bunker sample verification guidelines before 2020
GP Global inks accord to produce and market Cepsa marine lubes in India
Oil and fuel oil hedging market update
North P&I launches guide on avoiding and defending bunker disputes
Build in stockpiles and record high U.S. oil production
IMO working group develops plan to help ships prepare for 2020
Oil and fuel oil hedging market update




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio de Janeiro
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events