Historical Saudi decision applies beginning 2018

Historical Saudi decision applies beginning 2018

Public invited to Saudi facilities of Zakat and income not yet registered in the VAT to the urgency in the registry before December 20, 2017, with the aim of linking systems of government agencies to ensure compliance with tax requirements, installations by site «Newsweek».

The Commission said in a statement on its website, the application of VAT will begin on January 1, 2018, in this regard, intends to sign a cooperation agreement with the Ministry of municipal and Rural Affairs after having signed similar agreements with the Ministry of labour and social development, with the Saudi customs.

He said Governor Suhail abanumay public authority for Zakat and income through these conventions to encourage enterprises to register to achieve optimal readiness prior to departure tax, and to provide all necessary support and quality services means in this aspect in terms of education facilities and communicate with it».

He added: “to the Niger many installations steps to be undertaken in preparation for the application of VAT, and therefore, the public authority for Zakat and income every effort to support those businesses and lift their».

The Governor called on eligible facilities authority annual revenues exceed one million riyals to the VAT registration before 20 December 2017 through the website.

Commission, said that under the standard Convention for VAT and approved by GCC, installations that exceed annual revenue value of 375, 000 Saudi riyals would be obliged to register, annual earnings by enterprises between 187, 500, 375, 000 SR Saudi will be optionally recorded, allowing her tax refund, while annual revenues less installations on 187, 500 Saudi riyals are exempt from registration.

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