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KSA Releases VAT Law
August 29, 2017 – KSA has released its final VAT Law and Regulations today. The GAZT had previously published its VAT Draft Implementation Regulations for public consultation in July.
Click here to read the final KSA VAT Implementation Regulations.
VAT will be implemented in the country on January 1, 2018, and businesses should start preparing for it and begin analysing how their operations will be affected.
The first step for businesses would be to confirm if they are required to register for VAT and make sure that they register according to the below-mentioned guidelines:
- If your company is large and has already registered itself for some other form of Tax in the Kingdom, then the company may be auto-registered for VAT. If you meet the above condition, you will receive a notification from GAZT but you still have to log-in to check and validate the information.
- If you have not received a notification but are eligible for VAT, you are required to start the registration process starting 28 August 20017.
- In the application process, you will have to provide information such as
- Are you an importer, exporter or both?
- Bank account details
- VAT eligibility start date
- Values of the VAT taxable supplies of 12 months
- Financial Representative details if you are not a Saudi National
The final regulations are different from the draft regulations issued before and businesses should take care to scrutinize the details.
You can access the final KSA VAT Implementation Regulations by clicking here.