The General Authority of Zakat and Tax (GAZT) approved last Thursday executive regulations of the value-added tax (VAT) ahead of its introduction in the Kingdom on Jan. 1, 2018, the authority said in a statement.
The new rules, which are divided into 79 articles, explain the scope of taxation for certain goods and services, registration rules and eligibility of businesses for VAT, zero-rated and exempted supplies, the treatment of imports and exports.
The regulations were finalized following public consultations and are available on www.vat.gov.sa website, launched by GAZT last month.
“Businesses of all sizes have much to do to prepare for the introduction of VAT and GAZT is ready to support them through the process,” said Suhail Abanmi, governor of GAZT. “Ensuring businesses understand the implications of VAT – and the steps needed to prepare – is a priority for GAZT. I urge all businesses to look closely at the regulations and their preparations for VAT, and the resources we have developed.”
The Kingdom’s cabinet ratified the Gulf Cooperation Council (GCC) VAT framework agreement on Jan. 31.
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