GTL Summary:

This summary clarifies the rule stipulated in Article 61 of the KSA VAT Implementing Regulations regarding currency conversion. It mandates that any amount relevant to VAT which is expressed in a foreign currency must be converted into Saudi Riyal (SAR). The conversion must use the official daily exchange rate prescribed by the Saudi Central Bank. The specific date for applying this rate is the date on which the tax becomes due, as determined by the Unified VAT Agreement for the GCC and the KSA Value Added Tax Law, ensuring a consistent methodology for non-SAR transactions.

Document Type: IR - Implementing Regulations
Law: Value Added Tax Law
Decision Number: implementing-regulations-3839-article-61
Year: 2016
Country: 🇸🇦 KSA
Official Name: Article 61 - Currency Conversion
Last updated at: 2026-01-05 08:39:39 UTC

Chapter 10 - Procedure and Administration

Article 61 - Currency Conversion

Where any relevant amount to which these Regulations apply is expressed in a currency other than riyal, the amount must be converted to riyal using the daily rate prescribed by the Saudi Central Bank on the date that the relevant Tax becomes due in accordance with the Agreement and the Law.

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