The General Authority of Zakat and Tax has renewed its call for businesses whose annual revenues exceed SR375,000 to register for VAT before Dec. 20 via the website vat.gov.sa.
In June 2016, the countries of the Gulf Cooperation Council agreed to impose VAT across the region. In February 2017, Saudi Arabia ratified the GCC VAT framework and imposed VAT starting Jan. 1, 2018.
VAT was introduced at a standard rate of 5 percent.
The Authority stressed that failure to register for VAT on time will expose businesses to regular penalties as per regulations.