Saudi Arabia: The Zakat, Tax and Customs Authority (ZATCA) of Saudi Arabia has stated that it has authorised changes to the VAT entitlement procedure for government contractors. The changes are to Article 20 of the VAT Law's Implementing Regulations. The payment order for the claim linked to taxable supplies will be issued on the tax entitlement date. This will be in accordance with Tender Law procedures or, if earlier, the date of receiving the consideration for the supply or part of it. To coincide with the new Government Tenders and Procurement Law, the date of supply and VAT entitlement for all supplies of goods or services provided by businesses contracting with Government agencies have been altered.
ZATCA has clarified that said adjustments will be enforced next November 1st, emphasizing that it comes under the Authority’s dedication to ensure such establishments’ compliance with laws related to VAT and ensuring the continuation of the activities from taxpayers contracting with the government entities.His excellency, Minister of Finance and Chairman of the Board of the Zakat, Tax and Customs Authority, Mohammed Al-Jadaan, has stated that this resolution is part of the government's effort to provide more opportunities for the private sector to expand, grow, and operate, as well as to facilitate the business world by removing any obstacles and providing a stable environment that encourages economic growth in the country.
Source: https://zatca.gov.sa/en/MediaCenter/News/Pages/New_448.aspx
Like
950
