Saudi Arabia’s General Authority of Zakat and Tax (GAZT) has urged businesses with annual revenues over SR1 million ($266,300) to expedite their VAT registration process and ensure their readiness for its implementation.

The Authority urged businesses to register through the official VAT website VAT.GOV.SA. More than 60,000 businesses have registered for VAT since the registration opening on August 28, a statement said.

Businesses that will fail to register in time, will face fines up to SR10,000 and the suspension of several critical government services, including issuing work permits, changing business activity, issuing visas, transferring workers’ sponsorship and other government services provided by the Ministry of Commerce and Industry, the Ministry of Labour and Social Development, the Ministry of Municipal and Rural Affairs, the Saudi Customs and the Saudi Arabian Monetary Agency.

GAZT confirmed that the VAT will be implemented on January 1, 2018. Therefore all eligible businesses must be ready and be aware of its laws, regulations, and requirements available on the VAT website VAT.GOV.SA. At the same time, GAZT underlined its readiness to answer any questions about VAT through the various communication channels.

Businesses whose annual revenues range from SR375,000 to SR1,000,000 were granted until December 20, 2018 to complete the registration process.

The VAT website features a range of resources to help businesses prepare for VAT, including video tutorials, guidelines, information packs on all aspect of the registration and readiness process, as well as the list of goods and services subject to VAT. – TradeArabia News Service