Saudi Arabia Zakat, Tax and Customs Authority (ZATCA) announced proposed amendments to the VAT Implementation Regulations on 28 August 2024, now open for public consultation until 17 September 2024.
The proposed changes aim to align Saudi tax procedures with global best practices, enhance tax refund efficiency, improve taxpayer compliance, and support the tourism sector.
Key amendments include:
- Credit and Debit Notes: The timeframe for issuing credit and debit notes will now match that of tax invoices, requiring issuance within fifteen days after the end of the month in which the relevant event occurs.
- Tax Group Registration: Simplified registration requirements focusing on residency, economic activity, and ownership/control criteria.
- Nominal Supplies: Clarification that nominal supplies are considered supplies for consideration unless otherwise stated, differing from previous VAT agreement provisions.
These revisions impact 26 articles and their sub-provisions of the current VAT law.
