Sunday 23 September 2018

Saudi tax board approves VAT regulations

RIYADH, September 24, 2017

The General Authority of Zakat and Tax (GAZT) in Saudi Arabia said its board of directors has approved the VAT Implementing Regulations ahead of its introduction in the kingdom starting from January 1.

The GAZT meeting, chaired by Minister of Finance Mohammed Al Jadaan, stated that the regulations, which build on the GCC Unified VAT Agreement and Saudi VAT Law, govern all aspects of the tax implementation in Saudi Arabia.

The regulations include 79 articles, divided in 12 chapters, and set out the scope of taxation for certain goods and services, explain registration rules and eligibility of businesses for VAT, zero-rated and exempted supplies, the treatment of imports and exports, among other areas, said the members at the meeting.

These regulations have already been published in Umm Al-Qura on September 22 following consultation with public.

These are available on the dedicated VAT.GOV.SA website, launched by GAZT last month, they added.

According to the board, the new website features a range of resources to help businesses prepare for VAT, including video tutorials, guidelines and information packs on every aspect of the registration and readiness process.

The Governor of GAZT Suhail Abanmi pointed out that the businesses of all sizes have much to do to prepare for the introduction of VAT.

GAZT, he stated, was ready to support them through the process.

"Ensuring businesses understand the implications of VAT – and the steps needed to prepare – is a priority for us. I urge all businesses to look closely at the regulations and their preparations for VAT, and the resources we have developed," he added.-TradeArabia News Service

Tags: Saudi | tax |

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