In pictures: Gold rush in Saudi Arabia to beat VAT deadline

Residents in Saudi Arabia rush to buy gold, cars before VAT kicks in from July 1st

Last updated: June 30, 2020 | 19:41

Nilanjana G. Javed, Editorial Liaison Manager

2 MIN READ

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Saudis shop at a jewellery shop in the Tiba gold market in the capital Riyadh, after authorities announced a 10% increase in the VAT rate, to reach 15%, starting from first of July.

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Women queue in front of a gold shop to beat VAT deadline

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Saudi women buy jewellery at a shop in the gold market before the expected increase of VAT to 15%, in Riyadh, Saudi Arabia.

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A woman looks at jewellery at a shop in the gold market before the expected increase of VAT to 15%, in Riyadh.

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A Saudi woman buys jewellery at a shop in the gold market before the expected increase of VAT to 15%, in Riyadh.

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Saudi gold traders are reporting a spike in business as investors snap up the precious metal ahead of the introduction of the new 15 percent VAT rate next week.

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Saudi Arabia is tripling its value added tax (VAT) from July 1 in an effort to increase government revenues in response to the coronavirus pandemic and weaker oil prices

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Customers shopping for gold in a jewellery shop in of Riyadh.

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A general view of the car market as people gather to buy vehicles before the expected increase of VAT to 15% in Riyadh.

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The tax deadline has boosted purchases for some big ticket retail items, including jewelry, cars which will cost people more from Wednesday.

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