Saudi Zakat authority organizes VAT workshop in Jeddah

Saudi Arabia's Zakat and Income Tax Authority will organize a workshop on tax at the Chamber of Commerce and Industry in Jeddah to help enterprises register for Value Added Tax (VAT). (Sutterstock)
Updated 29 July 2018
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Saudi Zakat authority organizes VAT workshop in Jeddah

RIYADH: Saudi Arabia's General Authority for Zakat and Income Tax (GAZT) will organize a workshop on tax at the Chamber of Commerce and Industry in Jeddah on Wednesday (11am), as part of its efforts to help enterprises register for Value Added Tax (VAT).
The workshop aims to define establishments whose annual revenues exceed SR375,000 ($100,000) and tackling ways of preparing and registering tax, understanding accounting systems, purchasing management, how to calculate VAT and submitting a tax return.
According to the VAT system and its executive regulations, enterprises with annual revenues exceeding SR375,000 must register before Dec. 20 2018.
Establishments with annual revenues between SR187,500 and SR375,000 have the option to register, while companies with annual revenues of SR187,500 are not required to register.
The first registration period, which ended on Dec 20 2017, was limited to facilities with annual revenues exceeding SR1 million.
The Zakat and Income Tax Authority confirmed that it will organize other workshops in the coming period to facilitate the compliance of enterprises subject to VAT requirements.
The authority also called on enterprises to visit the VAT.GOV.SA website, which provides a wide range of tools and information, including aspects of the registration process and readiness to apply the tax, as well as guidance materials.
The authority urged organizations that have VAT inquiries to contact them through the Call Center on (19993), via their official Twitter account @SaudiVAT, or via email [email protected]


Saudi Aramco recognized as a leader in the Fourth Industrial Revolution

Updated 22 January 2019
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Saudi Aramco recognized as a leader in the Fourth Industrial Revolution

JEDDAH: Saudi Aramco’s Uthmaniyah Gas Plant (UGP) has been recognized by the World Economic Forum (WEF) as a “Lighthouse” manufacturing facility and a leader in technology applications of the Fourth Industrial Revolution. 
Saudi Aramco is the first energy company globally to be included in this select group of manufacturing sites. The plant is also the only facility in the Middle East to be recognized by WEF. 
The announcement was made ahead of WEFs annual meeting in Davos, Switzerland.
The gas plant is one of the world’s largest gas processing plants and was commissioned in 1981 as part of Saudi Aramco’s Master Gas System to process associated gas from oil wells. 
The use of drones and wearable technologies to inspect pipelines and machinery has helped cut inspection time by 90% in this industrial facility.
“The recognition of the Uthmaniyah Gas Plant demonstrates Saudi Aramco’s shift to transform and adapt in the rapidly changing global energy landscape. Uthmaniyah is only one part of our large integrated energy value chain where IR 4.0 technologies are playing a critical role to enable significant capital and operational efficiencies,” said Amin H. Nasser, Chief Executive Officer of Saudi Aramco.
The seven new facilities join nine other “Manufacturing Lighthouses” which WEF unveiled in September 2018. The 16 factories were selected from an initial list of 1,000 manufacturers based on their successful implementation of cutting-edge technologies of the future that drive financial and operational impact.
The “Lighthouse” program was conducted by WEF in collaboration with McKinsey during a year-long study. A study team visited UGP in Saudi Arabia and performed a thorough audit.