The General Authority of Zakat and Tax (GAZT), in cooperation with the Chambers of Commerce and Industry in Riyadh and Ta’if, held two workshops on Value Added Tax (VAT), slated for January 1, 2018.
Aimed at facilitating businesses’ compliance with VAT requirements, the two workshops were attended by a large number of representatives of businesses in both cities.
The workshops come within a series of workshops held by the GAZT since September across the Kingdom to help businesses understand and get ready for, and comply with VAT. The workshops will be complemented within this November.
During the workshops, the Authority called on businesses to maintain accounting books including entries of payments, receipts, purchases, sales, revenues and expenses.
It urged all businesses with an annual revenue exceeding SAR 1 million to register for VAT before December 20, 2017 to avoid penalties and suspension of governmental services and to be able to recover the input taxes paid on purchases of goods and services.
GAZT confirmed that businesses should not impose VAT on any goods or services before January 1, 2018 and called on eligible businesses to register for VAT through the registration portal on the official VAT website VAT.GOV.SA.
The official website features a range of resources to help businesses prepare for VAT, including video tutorials, guidelines and all information on every aspect of the registration and readiness process.