80,000 Saudi businesses register for VAT

Updated 20 December 2017
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80,000 Saudi businesses register for VAT

RIYADH: The General Authority of Zakat & Tax (GAZT) has called on all establishments operating in the Kingdom with an annual income exceeding SR1 million ($266,680) to register for the value added tax (VAT) before Dec. 20, 2017. The number of registered establishments so far exceeds more than 80,000.
The GAZT confirmed that the failure to register for the VAT on time will expose the establishment to a fine of SR10,000, in addition to other penalties related to non-compliance of tax returns and non-payment of tax on time.
The authority reiterated that establishments with annual revenues between SR375,000 and SR1,000,000 were granted a deadline of Dec. 20, 2018 for tax registration.
Registration for establishments with annual revenues of between SR187,500 and SAR375,000 is optional, while establishments with annual revenues of SR187,500 are exempt from registration.
The GAZT said that most of the establishments are ready to apply the VAT on Jan. 1, 2018, in terms of training employees, complying with the VAT and executive regulations, harmonization of accounting and IT systems associated with tax operations, and managing records to save documents on the specified form.


King Faisal Prize: Rewarding services to all of humanity

Updated 26 March 2019
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King Faisal Prize: Rewarding services to all of humanity

RIYADH: Prince Turki Al-Faisal’s father, the late King Faisal, was a beacon of aspiration and hope. 

During his reign, the first girls’ schools were introduced, and he focused on educating the Saudi population as a whole to promote peace. 

The King Faisal Foundation was founded by King Faisal’s sons and daughters to commemorate his memory and vision. 

The significance of the annual King Faisal Prize (KFP) dates back to when a reporter asked him how he saw Saudi Arabia in 50 years’ time. 

The king responded: “I see Saudi Arabia in 50 years’ time as a wellspring of radiance for humanity.” 

The root of the foundation and the prize stems from his vision for all of humanity: Peace through education.

“The prize was established by the King Faisal Foundation soon after the foundation was formed,” Prince Turki told Arab News.

“It carries the message that the welfare of humanity is the primary importance of service to humanity,” he said. 

“The versatility of Islam is celebrating knowledge for all nationalities. As the first verse in the Holy Qur’an was ‘Read,’” Dr. Abdul Aziz Al-Subayyil, secretary-general of KFP, told Arab News. 

“This a universal dialogue between all nationalities and scientific fields, which seeks peace through knowledge.” he said.  

The significance of the Prize shows that: “This is the real Islam and this prize in the country of the Two Holy mosques represents that we are trying to observe the teaching of Islam and its implementation through the prize, which is the encouragement of science and introducing knowledge to people,” Al-Subayyil said.