Saudi tax authority exposes more than 5,000 VAT violations this year

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Updated 14 May 2018
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Saudi tax authority exposes more than 5,000 VAT violations this year

  • General Authority of Zakat and Tax aims through its field inspections to raise the awareness of businesses about the importance of applying VAT.
  • Consumers encouraged to use the VAT smartphone app as it allows them to know if the businesses they deal with are registered in the VAT system and to report violating businesses

JEDDAH: The General Authority of Zakat and Tax (GAZT) has stepped up its value-added tax (VAT) inspections in the build-up to Ramadan with its accompanying rise in trade.

The GAZT confirmed that it has issued orders for 5,212 VAT violations against non-compliant businesses since VAT was implemented in the Kingdom.

Violations ranged from issuing VAT invoices without all the required information to collecting taxes that exceed 5 percent, not including a tax number on the invoices and eligible businesses not registering for VAT.

The GAZT said in a statement that its field inspections across the Kingdom targeted several sectors, including shopping malls, car maintenance centers, electrical appliance stores, and food markets.

The authority aims through its field inspections to raise the awareness of businesses about the importance of applying VAT to follow up on whether they were complying with the tax, and to ensure proper application of all VAT procedures.

The GAZT urged all consumers to use the VAT smartphone app as it allows them to know if the businesses they deal with are registered in the VAT system and to report violating businesses, noting at the same time that they can also call the GAZT on toll-free number 19993.

 


Saudi Crown Prince Mohammed bin Salman touches down in India

Updated 34 min 54 sec ago
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Saudi Crown Prince Mohammed bin Salman touches down in India

NEW DELHI: Crown Prince Mohammed bin Salman arrived in India on Tuesday for the second stage of his Asia tour.

He was greeted by Prime Minister Narendra Modi after his plane touched down at Air Force Station Palam in New Delhi at about 9.15 p.m. local time.

The crown prince is expected to announce a $1 billion investment in India’s infrastructure and farming sectors during his first visit to the nation.

He is accompanied by leading Saudi businessmen and officials.

India is hoping the crown prince will announce an investment in its National Investment Infrastructure Fund (NIIF), a sovereign wealth fund that includes private companies and foreign investors.

The Kingdom is India’s top energy supplier and home to more than 3.5 million Indian expatriates.