Value Added Tax (VAT)

Value Added Tax (VAT) will be introduced in the KSA from 1st Jan 2018. It would mean some of the services and products will be taxed at the point of sale. This initiative will benefit the coffers of the country in an indirect tax structure. The rate will start from 5 % and the VAT regime will develop in future overtime. There will be some zero-rated items like exports and exempt items where no VAT will be charged. As a registered trader, businesses will be required to be registered for VAT and charge VAT on their sale. All transactions involving VAT and sales must have a document and available for inspection at any time.

Due to its complexity and the broad lack of understanding,  we can provide consulting and advisory in VAT implementation. this will typically involve training the teams, updating accounting systems, and producing reports for compliance and submission to authorities.

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