"GAZT": Next Thursday is the VAT registration deadline for businesses with annual supplies of SAR 375,000 or more
Riyadh – 16 December, 2018:
The General Authority for Zakat and Tax (GAZT) issued a reminder that less than 5 days remain for businesses with annual supplies of SAR 375,000 or more to register in the VAT system, urging those who have not yet registered to go ahead and do so through the official VAT website (vat.gov.sa) before the Thursday, 20 December, 2018 deadline.
In a statement, GAZT noted that importance of businesses’ compliance with the VAT Law and its implementing regulations, including accounting systems and all technical aspects related to tax processes such as bookkeeping and billing.
In June 2016, GCC member states agreed to implement VAT. Saudi Arabia ratified the tax agreement in February 2017 and started applying the tax as of 1 January, 2018.
Businesses that fail to register VAT on time will result in a number of fines and penalties related to non-compliance with the tax returns and non-payment of the tax amount due, as well as the suspension of several government services.
GAZT further stressed the importance of using the standard tax return forms to ensure the accuracy of the information submitted, as inaccurate information contained therein will be considered an attempt to evade paying tax. Furthermore, issuing tax invoices by an unregistered business will result in a number of penalties as per the VAT Law.
Businesses are encouraged to visit the GAZT website (vat.gov.sa) to access a wide range of useful tools and guidance materials to help ensure their tax readiness and compliance. They may also contact GAZT for all their VAT-related questions via its call center (19993), Twitter (@SaudiVAT), or e-mail (email@example.com).