As previously reported, Saudi Arabia will increase its VAT rate from 5% to 15% with effect from 1 July 2020. For this purpose, the General Authority of Zakat and Tax (GAZT) has provided guidance on the transition rules that will be applied in relation to contracts and invoices for supplies made before and after the 1 July 2020. Given that the increase was initially announced on 11 May 2020, thi…