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Saudi Arabia VAT Rate Increase

in Announcements 
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%:

  • S-KSA (Standard Rate – Domestic)
  • IMG-KSA (Standard Rate – Imports [Goods])
  • IMS-KSA (Standard Rate – Imports [Services])
  • RCP-KSA (Reverse Charge – Purchases)
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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