Value Added Tax (VAT)
In line with General Authority of Zakat and Tax announcement on Value Added Tax (VAT) Implementation effective 1st of January 2018 at the rate of 5%, The Saudi British Bank SABB would like to announce to customers that VAT will be added to all applicable fees of services and products unless the services or product delivered is exempt from VAT or zero rated.
What is VAT?
The Value added Tax (VAT) is an indirect tax that applies to goods and services within the Kingdom of Saudi Arabia except for those goods and services which have been explicitly exempted from such tax or are zero rated.
Terms and Conditions
It is understood and agreed between the Parties that any amounts due under this (Agreement/contract/service/product/terms and conditions) are exclusive of any Value Added Tax (VAT). Hence VAT shall be added at the current applicable rate as amended from time to time, as per the VAT Rules and Regulations effective the 1st of January 2018.
For more information, kindly visit the link for the official VAT website