Saudi Arabia's General Authority of Zakat and Tax (GAZT) has approved the VAT implementation regulations ahead of the introduction of VAT in the kingdom on January 1, next year.
The regulations, which build on the GCC Unified VAT Agreement and Saudi VAT Law, govern all aspects of the implementation of VAT in Saudi Arabia, according to a report in Saudi Gazette.
They were finalised following a public consultation and are available on the VAT.GOV.SA website, 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.
“Businesses of all sizes have much to do to prepare for the introduction of VAT and GAZT is ready to support them through the process,” said governor of GAZT Suhail Abanmi.
“Ensuring businesses understand the implications of VAT — and the steps needed to prepare — is a priority for GAZT. I urge all businesses to look closely at the regulations and their preparations for VAT, and the resources we have developed,” he added.
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