Saudi Zakat authority organizes VAT workshop in Jeddah

RIYADH: Saudi Arabia's General Authority for Zakat and Income Tax (GAZT) will organize a workshop on tax at the Chamber of Commerce and Industry in Jeddah on Wednesday (11am), as part of its efforts to help enterprises register for Value Added Tax (VAT).
The workshop aims to define establishments whose annual revenues exceed SR375,000 ($100,000) and tackling ways of preparing and registering tax, understanding accounting systems, purchasing management, how to calculate VAT and submitting a tax return.
According to the VAT system and its executive regulations, enterprises with annual revenues exceeding SR375,000 must register before Dec. 20 2018.
Establishments with annual revenues between SR187,500 and SR375,000 have the option to register, while companies with annual revenues of SR187,500 are not required to register.
The first registration period, which ended on Dec 20 2017, was limited to facilities with annual revenues exceeding SR1 million.
The Zakat and Income Tax Authority confirmed that it will organize other workshops in the coming period to facilitate the compliance of enterprises subject to VAT requirements.
The authority also called on enterprises to visit the VAT.GOV.SA website, which provides a wide range of tools and information, including aspects of the registration process and readiness to apply the tax, as well as guidance materials.
The authority urged organizations that have VAT inquiries to contact them through the Call Center on (19993), via their official Twitter account @SaudiVAT, or via email vat@gazt.gov.sa.