Saudi tax authority asks local firms to register for VAT before Dec. 20

The General Authority of Zakat and Tax (GAZT) is set to ink a cooperation agreement with the Ministry for Municipal and Rural Affairs (MOMRA) to urge local entities register for the value-added tax (VAT) before December 20, 2017, the authority said in a statement.

GAZT had inked a similar agreement with the Ministry of Labor and Social Development, and Saudi Customs.

Saudi Arabia is set to start implementing VAT on Jan. 1, 2018.

Last October, the Saudi Organization for Certified Public Accountants (IFAC) sealed an agreement with GAZT to start inspecting the business entities that will need to implement the VAT. 

The IFAC-licensed inspectors will make field visits to entities in Riyadh, Jeddah, and Dammam to ensure that they have a VAT operations unit, VAT awareness programs and related accounting systems. Field visits will extend until Dec. 21, 2017.