GAZT calls on businesses to avail the guidance materials to ensure proper implementation of VAT
Riyadh, July 30, 2018:
The General Authority for Zakat and Tax (GAZT) called on businesses to make use of the guidance materials it made available on the VAT website (VAT.GOV.SA) to help the various sectors and economic activities.
Businesses whose annual revenues exceed SAR 375,000 have until December 20, 2018, to register for VAT, and as such stand to benefit tremendously from these materials, GAZT noted, as they provide important information to develop a full understanding of the tax system and its compliance rules.
The guidance materials include 15 information packs covering a wide array of economic sectors and activities, including real estate, transportation, tax groups, healthcare, digital economy, economic activity, investment-grade minerals, tax returns, financial services, employee benefits, imports and exports, input tax deductions, billing, submission of tax returns, and transitional tax provisions.
GAZT went on to explain that that these guides spell out its vision with the regards to the VAT Law and its Implementing Regulations, as well as clarifying the tax treatment of all natural and nominal persons who operate one or more economic activity and want to supply goods or services.
GAZT further noted that it seeks to ensure the proper and smooth implementation of all VAT procedures by providing all necessary support for tax-eligible businesses, and that the guidance materials are part of its ongoing initiatives since mid-2017 to facilitate VAT compliance. As part of these efforts, GAZT is, in parallel, organizing several tax workshops in the Kingdom’s cities and provinces. It also launched a call center (19993) to answer all VAT-related queries.
GAZT also urged businesses to visit the VAT website (VAT.GOV.SA) to avail the wide range of tax-related tools, information packs and guidance materials.