GAZT organizes a workshop on VAT in Jeddah
Riyadh, July 29, 2018:
As part of its efforts to assist businesses in registering for VAT, the General Authority for Zakat and Tax (GAZT) organized a workshop at the Jeddah Chamber of Commerce and Industry on Monday, July 30, 2018 at 11:00 am.
The workshop sought to educate businesses whose annual revenues exceed SAR 375,000 about the steps required to prepare and register for the tax and gain an understanding of the relevant accounting and procurement systems, as well as demonstrate how to calculate VAT and submit tax returns.
According to the VAT Law and Implementing Regulations, businesses whose annual revenues exceeding SAR 375,000 are required to register for VAT before December 20, 2018. Businesses whose annual revenues fall between SAR 187,500 and SAR 375,000 may register voluntarily. Businesses whose annual revenues are under SR 187,500 are not required to register. The first registration period, which ended on December 20, 2017, only concerned businesses whose annual revenues exceeded SR 1 million.
GAZT stated that it will organize more such workshops in the near future to facilitate VAT compliance amongst eligible businesses, and urged them to visit the VAT website (VAT.GOV.SA) to avail the wide range of tools, information packs and guidance materials on the tax and registration process.
Any VAT-related queries may be directed to GAZT through its call center (19993), or via its Twitter account (@SaudiVAT) or e-mail (firstname.lastname@example.org).