No VAT on ATM withdrawals


Saudi Gazette

— No Value Added Tax (VAT) will be charged on withdrawals from any ATMs, according to Secretary General of of the Committee of Information and Bank Awareness Talat Hafiz.

Hafiz, who is also the spokesman of Saudi banks, was responding to rumors on social media that VAT will be charged if a customer of a particular bank withdraws money from an ATM of another bank.

He said there will not be any VAT on withdrawals from ATMs of customer’s bank or any other bank.

Dr. Ibrahim Zamzami, a noted legal expert, advised people to be cautious while sharing or forwarding any information through social media.

He said any person who shares or forwards such post will be held responsible by public prosecution.

He reminded that Kingdom’s cyber laws are strong to deal with such cases where people spread panic or indulge in false information knowingly or unknowingly.