GAZT signs MoU with accounting, technical solutions providers to support SMEs

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Date
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The General Authority for Zakat and Tax (GAZT) has signed a series of Memorandums of
Understanding (MoUs) with providers of accounting and IT software solutions, as part of its
efforts to support small and medium enterprises (SMEs) in their preparations for VAT.

Governor of the Small and Medium Enterprises General Authority, His Excellency Ghassan Al-
Sulaiman, and GAZT Governor, His Excellency Suhail Abanmi, attended the signing of the MoUs,
which aim to help SMEs prepare for the introduction of VAT on 1 st January, 2018.

According to the MoU, 12 service providers will provide SMEs with accounting and IT software
solutions to comply with VAT requirements, including preparing accounting entries and tax
returns, as well as sending the required data to GAZT, as required under the VAT regulations. To
ease the financial burden on SMEs, the solutions will be offered at competitive prices.

The MoUs will run for a period of one year from the date of signing. All service providers
working with GAZT under the MoU will be listed on VAT.GOV.SA.

Commenting on the occasion, GAZT Governor, His Excellency Suhail Abanmi, said: “Small
businesses have much to do to prepare for the introduction of VAT and GAZT is doing
everything it can to support them throughout the process. In line with these efforts, the MoUs
signed with specialist service providers will help SMEs acquire the accounting and IT software
solutions needed to facilitate the VAT preparation process.”

His Excellency also called on eligible taxpayers to register for VAT, following the opening of
registration on the VAT portal, which can be accessed by visiting the recently launched official
website VAT.GOV.SA.

His Excellency Ghassan Al-Sulaiman, Governor of the Small and Medium Enterprises General
Authority, emphasized the role of the Authority in supporting accounting solution providers
through signing the MoUs, adding that VAT requirements will contribute towards raising the
demand for qualified Saudi professionals within the sector.

His Excellency furthermore emphasized that the growth of this sector and higher demand for
accountants in the coming period relates to both the implementation of VAT and the
requirements of the Ministry of Trade and Investment for businesses to submit audited
financial statements.

”The SMEs General Authority works in cooperation with GAZT, the Saudi Organization for
Certified Public Accountants (SOCPA), the Job Creation and Employment Commission (JCEC),
the Technical and Vocational Training Corporation (TVTC) and Ministry of Education to increase
the presence of male and female Saudi professionals in the sector, and help them take
advantage of the unique opportunities it provides.”

VAT is being introduced in Saudi Arabia on 1 st January 2018 as part of the GCC Unified VAT
Agreement.

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