Come and learn about VAT, Saudi companies urged

RIYADH: Businesses in Saudi Arabia have been urged to attend workshops this month to learn about registering for Value Added Tax (VAT) and how to collect the tax when it is introduced throughout the GCC on Jan. 1, 2018.
The workshops will take place on Sunday in Abha, on Monday in Jeddah, Makkah and Qasim, and on Thursday in Tabuk, Hail, Najran and Jazan.
They are among a series of events organized since September by the General Authority for Zakat and Tax to ensure that businesses are ready for VAT and understand the steps required to prepare for it.
Registration is compulsory for companies with annual revenues exceeding SR375,000 ($99,961). It is optional for those with annual revenues between SR187,500 and SR375,000. Companies with annual revenues below SR187,500 are exempt.
The authority urged businesses with annual revenues exceeding SR1 million to register before Dec. 20. The deadline for companies with annual revenues below SR1 million has been extended by a year.
Electronic registration is available on the official website, which offers a wide range of tools and information, including visual guides to the registration process and readiness for VAT.