Saudi Arabia’s General Authority for Zakat and Tax (GAZT) has launched a public consultation of the draft law governing value added tax (VAT), which is being introduced in the kingdom from January 1, 2018.

The launch of the consultation comes after the Gulf Cooperation Council (GCC) announced the ratification of the unified framework agreement to introduce VAT.

The consultation allows members of the public and the business community to provide feedback on Saudi Arabia’s VAT draft law before it is sent for final approval. The deadline for feedback submission is June 29. The accompanying by-laws will be developed and agreed in the third quarter of 2017, said a statement.

Tareq Al Sadhan, acting director general of GAZT, commented: “The consultation is an important opportunity for the public and businesses to share feedback on the draft law for VAT. This is the first time a tax like this will be introduced in the GCC so we are working hard to understand the needs and perspectives of business to ensure we can support them through the VAT implementation process. The consultation is an important part of this, alongside our own efforts to prepare as an institution.”

The draft law can be accessed on GAZT’s website (www.gazt.gov.sa).

GAZT has urged all businesses to pay close attention to announcements and follow developments through its website. – TradeArabia News Service