Weekly Spotlight: The DIFC Data Protection Law Enacted; VAT in Saudi Arabia VAT Increased from 5% to 15%
This week two important regulatory developments have come into force.
The Dubai International Financial Centre has enacted its new Data Protection Law. DIFC Law No. 5/2020 replaces DIFC Law No. 1/2007. It came into force on 1 July 2020 but entities who are covered by it will have until 1 October 2020 to comply.
Elsewhere, over in Saudi Arabia, increases to the Kingdom’s VAT rate from 5% to 15% came into force on 1 July. The Kingdom’s General Authority of Customs said all sales and purchases online which include products being imported to Saudi Arabia through customs will be taxed at this rate if their import or consignment arrives on or after the same date.