GAZT Adopts Pillars of National Transformation Program
General Authority of Zakat and Tax (GAZT) looks forward to being one of the best tax departments around the world and achieving the desired successes in the National Transformation Program “NTP”, which aims to achieve financial balance between revenues and expenditures in 2020. NTP includes four initiatives for GAZT:
- Excise tax.
- Value added tax.
- Obtaining establishment data through relevant government agencies.
- Enforcing the new Zakat Collection Law.
GAZT has launched excise tax project and already started collecting its revenues and supporting its enforcement by developing the Law and Implementing Regulations; designing work procedures; providing and implementing technological system, awareness and communication and following up partners to ensure their commitment to fulfill their statutory duties.
In addition, GAZT has developed its potentials to launch and manage VAT, assist eligible establishments to participate with the government in supporting tax management and setting basic requirements and facilitate reaching tax readiness for establishments. GAZT has also approved VAT Law and Implementing Regulations, after the publication of the Implementing Regulations of the official VAT Law to seek public consultation; completed the public consultation; reviewed the Implementing Regulations with the Ministry of Finance and the Customs Authority; participated with the most important government agencies such as (SAMA, Ministry of Labor and Social Development, Ministry of Housing, Ministry of Finance, etc.) in the alignment of open policy positions and obtained establishment data from relevant government agencies.
As the date of introducing VAT by 5% in KSA draws nearer on 1 January 2018, GAZT continues implementing its plans to help establishments adopt value added tax and apply the required procedures smoothly through the achievement of high readiness to do so, including: the launch of GAZT official VAT website VAT.GOV.SA, in order to provide a wide range of tools and information which are considered a supporting reference for establishments to achieve readiness, and provision of VAT helpline (19993) in order to answer all quires relating to the application of VAT.
Currently, GAZT is developing the new Zakat Collection Law in preparation for submission, promulgation and application order to restructure the procedures of addressing the problems with taxpayers arising from multiple fatwas or misinterpretation of the laws and procedures of calculating zakat or tax base.