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

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    Wednesday, January 20, 2021
    Gold / Forex

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    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


    Published:  June 30, 2020 19:03 Nilanjana Javed, Digital Content Editor

    1 of 10
    Saudi gold rush
    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. Image Credit: AFP
    2 of 10
    Saudi gold rush
    Women queue in front of a gold shop to beat VAT deadline Image Credit: AFP
    3 of 10
    Saudi Gold rush
    Saudi women buy jewellery at a shop in the gold market before the expected increase of VAT to 15%, in Riyadh, Saudi Arabia. Image Credit: Rueters
    4 of 10
    Saudi Gold rush
    A woman looks at jewellery at a shop in the gold market before the expected increase of VAT to 15%, in Riyadh. Image Credit: Reuters
    5 of 10
    Saudi gold rush
    A Saudi woman buys jewellery at a shop in the gold market before the expected increase of VAT to 15%, in Riyadh. Image Credit: Reuters
    6 of 10
    Saudi gold rush
    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. Image Credit: AFP
    7 of 10
    Saudi gold rush
    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 Image Credit: AFP
    8 of 10
    Saudi women
    Customers shopping for gold in a jewellery shop in of Riyadh. Image Credit: AFP
    9 of 10
    Saudi car rush
    A general view of the car market as people gather to buy vehicles before the expected increase of VAT to 15% in Riyadh. Image Credit: Reuters
    10 of 10
    Saudi Car market
    The tax deadline has boosted purchases for some big ticket retail items, including jewelry, cars which will cost people more from Wednesday. Image Credit: Reuters

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