VAT has been implemented 6 months ago across the Kingdom, but still, many companies continue to be unsure about its details.
According to Arabian Business, a survey by the ACCA & Thomson Reuters VAT Return Filing and Compliance has found that many companies were still confused about what is required of them and require further clarification.
The results of the survey also showed that several companies in Saudi Arabia and the UAE have still not filed their returns at the time that they were interviewed.
Official stats by the Kingdom’s General Authority for Zakat and Tax (GAZT) show that over 3,000 VAT-related violations were recorded in the first two months of this year.
— Arab News (@arabnews) January 25, 2018
“It seems almost universally clear, while not explicitly stated in the survey responses, that businesses view VAT filing as a chance to find out whether they are indeed filing correctly and are thus compliant,” said Chas Roy-Chowdhury, head of taxation at ACCA. “There is a lot of insecurity around what is and is not correct – leading us to believe that the details of VAT compliance and reporting still remain slightly ambiguous.”