GAZT holds VAT Forum, launches VAT website and helpline

GAZT Governor Suhail Abanmi
Updated 24 August 2017

GAZT holds VAT Forum, launches VAT website and helpline

The General Authority of Zakat and Tax (GAZT) concluded the VAT Forum in Riyadh on Wednesday. The forum, which was held under the patronage of GAZT Governor Suhail Abanmi, is a major event that helps businesses in preparing for value-added tax (VAT) ahead of its introduction on Jan. 1, 2018.
More than 2,000 representatives from over 1,200 businesses attended the two-day forum, which featured 10 sector-specific sessions on the implications of VAT. The event also included a VAT Fair, where businesses had the opportunity to meet with more than 20 advisers and solution providers to help them prepare for VAT.
GAZT used the forum to launch a dedicated VAT website — vat.gov.sa — which has a range of resources and tools for businesses, as well as a VAT helpline — 19993 — for all VAT-related queries. The website includes video tutorials, guidelines and a readiness reporting tool for large businesses to update their progress against requirements.
GAZT Governor Abanmi said: “Businesses of all sizes have much to do to prepare for the introduction of VAT on Jan.1, 2018 and GAZT is ready to support them through the process. This event allowed us to talk directly to businesses and offer them specific guidance and support on what VAT means for their sectors.”
He added: “Ensuring businesses understand the implications of VAT — and the steps needed to prepare — is a priority for GAZT. This event is just one part of a broader campaign to help taxpayers and I urge all businesses to look closely at their preparations for VAT and the resources we have developed.”


SAGIA, Xylem ink $50m MoU to advance water security

Updated 05 December 2019

SAGIA, Xylem ink $50m MoU to advance water security

Water technology firm Xylem has signed an MoU with the Saudi Arabian General Investment Authority (SAGIA), representing an investment of $50 million. The agreement aims to expand Xylem’s manufacturing footprint into the Kingdom, and to better serve its portfolio of customers in Saudi Arabia and across the region.

Under the MoU, Xylem will work with SAGIA to develop and localize advanced water and wastewater products and technologies to address water challenges in Saudi Arabia, as well as increase its footprint of service points and rental fleets across the Kingdom. A core objective of the MoU is to accelerate adoption of digital water solutions and optimize utility networks across the Kingdom.

The proposed multimillion-dollar investment will not only help build a vibrant local supply chain, but also see Xylem bringing additional commercial opportunities into the Kingdom, with the wider aim of improving water solutions locally. The agreement is in line with the goals of Saudi Vision 2030 to promote economic diversification through investments in localization that will also contribute to the export of “Made in Saudi” products across the world.

The MoU was signed on the sidelines of the Future Investment Initiative (FII), commonly known as the “Davos in the Desert,” by Ibrahim A. Al-Omar, governor of SAGIA, and Steven Leung, senior vice president and president, emerging markets of Xylem, in the presence of senior officials of both entities and Frank Ackland, managing director Xylem Middle East.

Al-Omar said: “As Saudi Arabia welcomes investors and decision-makers from across the globe to this annual global investment platform, the agreements exchanged here reflect the strength and diversity of the economy. Under Saudi Vision 2030, Saudi Arabia is undergoing an ambitious program of economic reform, and the world is taking notice. This month, Saudi Arabia climbed 30 places in the World Bank’s Doing Business 2020 report, becoming the most improved economy globally. The indicators are
clear: Saudi Arabia is not only open for business, it’s the economy of the future.”

Leung added: “As Xylem continues to lead the water sector’s digital transformation globally, this MoU presents an opportunity to leverage our market-leading portfolio and application expertise to advance water security in Saudi Arabia. Through our investment of $50 million, and with our strong presence in Saudi Arabia, backed by our dedicated office and team, we are committed to creating in-Kingdom value through our investments and partnerships. We are thankful to SAGIA for the opportunity to directly contribute our expertise to the development vision of the leadership, as the Kingdom embarks on its ambitious transformation program.”