Saudi Arabia’s General Authority for Zakat and Tax (GAZT) has launched a public consultation of the Draft Implementing Regulations for Value Added Tax (VAT), which is open for feedback until August 19.

This consultation follows the closure of KSA VAT Draft Law public consultation.

The Draft Implementing Regulations expands on the areas covered within the KSA VAT Law, detailing rules for implementation and giving taxpayers sufficient information to complete their VAT compliance requirements.

The Draft Implementing Regulations covers, but is not limited to, the scope of taxation (exemption or zero-rated status) for certain goods and services in selected industries, registration rules, VAT grouping, date and place of supply, import and exports, the treatment of used goods, input tax deductions and the review and appeals processes.

The public consultation allows members of the public and the business community to provide feedback on Saudi Arabia’s VAT Draft Implementing Regulations before final approval in accordance to the law.

This public consultation for Implementing Regulations provides a second opportunity to the public to share feedback on the VAT implementation ahead of its introduction on January 1st 2018. GAZT is in the process of reviewing the feedback from the public consultation on VAT Draft Law, and looks forward to the similar public involvement in the consultation on the Draft Implementing Regulations.

GAZT has made significant efforts to engage taxpayers around VAT and is in the process of developing a wide range of resources and tools to assist business in the process. – TradeArabia News Service