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Saudi Arabia VAT Rate Increase
This notice is intended for customers that have a Saudi Arabia subsidiary and you have installed the International Tax Reports SuiteApp.Effective July 1, 2020, the Value Added Tax (VAT) rate for Saudi Arabia will increase from 5% to 15%. Consequently, you will need to make changes to your tax codes in your NetSuite account to match the tax rate increase.
| What is Changing? | Recommended Action |
Starting July 1, 2020, the tax rate for the following tax codes for Saudi Arabia will increase to 15%:
| For accounts with an existing Saudi Arabia subsidiary, you need to do the following on or before July 1, 2020: |
Regards,
@Robert Nedelkow-Oracle | NetSuite Support Community Administrator
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