The Saudi General Authority of Zakat and Tax has announced the launch of a public consultation on the draft Implementing Regulations for Value Added Tax (VAT). The VAT Law was adopted by the Shura Council on 13 July 2017 and VAT will become effective in Saudi Arabia from 1 January 2018 with a standard rate of 5% ({News-2017-07-18/A/2-previous coverage}). The draft regulations are broken down into 12 chapters, including:
- Chapter 1: Definitions
- Chapter 2: Taxable Persons
- Chapter 3: Supplies o…