Saudi Arabia has introduced a value-added tax (VAT) with the approval of the International Monetary Fund (IMF), indicating the end of a tax-free lifestyle.

The decision was taken on Monday and implies a five percent levy on some goods across the six-member Gulf Cooperation Council, which unites Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

The tax begins in January, 2018 and is aimed to boost revenue after oil prices collapsed three years ago.