GAZT urges eligible business to register for VAT
The General Authority for Zakat and Tax (GAZT) has invited all eligible business to register for Value Added Tax (VAT) after opening the registration in the website VAT.GOV.SA. GAZT also announced that 55, 0000 business facilities registered in VAT since the opening registration on August 28, 2017.
Businesses with an annual revenue over SAR 1,000,000 must register for VAT before 20th December 2017, while smaller businesses with an annual revenue below SAR 1,000,000 have until 20th December 2018 to complete the process.
The registration portal can be reached through the dedicated VAT website - VAT.GOV.SA - launched by GAZT last month. The new website features a range of resources to help businesses prepare for VAT, including video tutorials, guidelines and information packs on every aspect of the registration and readiness process.
Under the GCC Unified VAT Agreement, any business with an annual revenue over SAR 375,000 is required to register for VAT. Businesses with annual revenues between SAR 187,500 and SAR 375,000 have the option to register for VAT, which will allow them to claim VAT input tax. Businesses with revenues underneath SAR 187,500 are exempted from registration.
VAT is will be implemented in Saudi Arabia on 1st January 2018, as part of the GCC Unified VAT Agreement.