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The General Authority of Zakat & Tax (GAZT) announced an increase to the standard VAT rate on 11 May 2020, increasing the rate from 5% to 15%, effective 1 July 2020. GAZT has now published a transitional VAT guide, clarifying how VAT will apply to contracts straddling the effective date of the increased VAT rate. Key tax and finance decision makers should carefully consider how these rules apply to current contracts and any contracts signed before 30 June 2020. For more details on the transition provisions, please download our tax alert or contact a member of our market-leading tax team.

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