Saudi Arabia’s General Authority of Zakat and Tax has renewed its call for businesses whose annual revenues exceed SR375,000 ($99,900) to register for VAT before December 20.

In June 2016, the GCC countries agreed to impose VAT across the GCC region. In February 2017, Saudi Arabia ratified the GCC VAT framework and imposed VAT on January 1, 2018.

VAT was introduced at a standard rate of 5 per cent. The General Authority of Zakat and Tax stressed that failure to register for VAT on time will expose businesses to regular penalties as per the VAT law and regulations. – TradeArabia News Service