As a large business, you have already been engaged by the Zakat, Tax and Customs Authority (ZATCA) via a VAT Relationship Manager or a VAT contact centre agent.
As a small or medium business, you have a variety of ways to find out about your VAT readiness status. The Zakat, Tax and Customs Authority (ZATCA) is committed to supporting you during this proces.
ZATCA has engaged with a set of PoS and accounting software providers. These solutions will support SMEs in implementing VAT.
Businesses whose sales do not exceed SAR 5 MN annual supplies can use cash accounting (vs. accrual for larger), whereby their Tax Return includes only Output Tax and Input respect to already paid, rather then invoiced, goods and services
Simplified Tax Invoice may be used if invoice Value < SAR 1,00 and should include only the issue date, supplier name, address and TIN, description of goods and services supplied, the Consideration payable for the Goods or services and value of VAT payable
Filing of Tax Return every three months for businesses with annual supplies < SAR 40 MM
To be compliant with VAT requirements, all businesses will need to make adjustments to their:
Therefore The Zakat, Tax and Customs Authority (ZATCA) has taken actions to ensure that all.entities are prepared for VAT implementation by organizing rounds of conferences on VAT and educating accountant bodies.
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