RIYADH — Saudi Arabia's Zakat, Tax, and Customs Authority (ZATCA) has denied the existence of a value-added tax (VAT) exemption certificate.
ZATCA clarified that all business owners who engage in economic activities are required to register in the VAT system if their annual revenues have reached the mandatory limit, which is SR375,000.
It has noted that the business owners who engage in economic activities and whose annual revenues are less than SR187.5 thousand are not obligated to register for VAT.
Those whose annual revenues exceed SR187.5 thousand, but do not exceed SR375,000, are eligible for the optional registration of the VAT, the authority confirmed.
ZATCA noted that people must register within 30 days of the revenue reaching the mandatory registration threshold.
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