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KSA publishes its final VAT Law
July 28, 2017: The Kingdom of Saudi Arabia has released its final VAT law on its official Gazette on Friday, 28th of July. Please refer to our VAT Rule Book for KSA to learn about this in depth.
Some of the key highlights of the VAT law are listed below:
- All imports and supplies of goods and services in the KSA will be subject to VAT, according to Article 2.
- VAT will become effective in the KSA in the beginning of the next fiscal year, that is, January 1st, 2018.
- A hefty fine of SAR 10,000 will be applicable to businesses that fail to apply for the registration within the specified period, according to Article 41.
- Article 53 states that all persons liable to the VAT will have to register with the General Authority for Zakat and Tax (GAZT) within 30 days of the date of issuing the law, that is 30 days from July 28, 2017)