RIYADH — The General Authority for Zakat and Tax (GAZT) has launched a public discussion of the draft law governing Value Added Tax (VAT), which will be introduced in the Kingdom from Jan. 1, 2018.
The move comes after the Gulf Cooperation Council announced the ratification of the unified framework agreement to introduce VAT.
The consultation allows members of the public and the business community to provide feedback on Saudi Arabia’s VAT draft law before it is sent for final approval. The deadline for submitting feedback is June 29. The accompanying bylaws will be drafted and approved in the third quarter of 2017.
Tareq Al-Sadhan, acting director general of GAZT commented: “This consultation is an important opportunity for the public and businesspeople to share feedback on the draft law for VAT. This is the first time a tax like this will be introduced in the GCC so we are working hard to understand the needs and perspectives of businesses to ensure we can support them through the VAT implementation process. The consultation is an important part of this, alongside our own efforts to prepare it as an institution.”
The draft law can be accessed on GAZT’s website via the following link: https://www.gazt.gov.sa/dzit_logon/MenuItems.jsp?menu_id=vatform&portalapp=x&ume.logon.locale=en
GAZT urges all businesses to pay close attention to the announcements and follow developments through GAZT’s website, www.gazt.gov.sa.
© The Saudi Gazette 2017