The VAT Forum, organized by the General Authority for Zakat & Tax (GAZT), was held on 15 & 16 August in Riyadh, attended by more than 2000 participants representing more than 1,200 companies. The Forum is one of the measures taken by the GAZT to prepare companies for VAT before 1 January 2018.
The VAT forum program included intensive workshops on VAT as well as an accompanying exhibition, which allowed the companies to meet more than 20 firms and providers of services such as accounting and tax consulting solutions. These firms can provide the help and expertise that businesses will need when preparing for VAT.
The sectors that GAZT addressed specifically in the VAT Forum were as follows:
| Day 1 | Day 2 |
|---|---|
| Construction & Engineering | Trade |
| Communication & IT | Financial Sector |
| O&G, Mining, Utilities & Automotive | Real Estate |
| Manufacturing | Foodstuff, Education, Healthcare & Retail |
| Hospitality &Transportation | others |
Dr. Mohamed Al-Amri & Co. (BDO) participated in this event and as one of the leading advisors in the region, took a prominent role at the exhibition, meeting many of the companies attending.
During the VAT Forum the GAZT announced the inauguration of the official website (VAT.GOV.SA). This is designed to offer a wide range of tools and information for taxable businesses.
The representatives of the GAZT announced that the self-registration of VAT would start on 28-August through the GAZT portal. In addition, it was announced that a special registration threshold of 1,000,000 SAR would apply for the year 2018 instead of 375,000 SAR, which will be the threshold for compulsory registration thereafter. Businesses with a turnover between 375,000 and 1,000,000 SAR can register on a voluntary basis.The deadline for registration is 20 December 2017.
