GCC Indirect Tax Weekly Digest


GCC Indirect Tax Weekly Digest

February 23, 2021

KSA developments

GAZT publishes e-invoicing Regulations in English

The Kingdom of Saudi Arabia (KSA) General Authority of Zakat and Tax (GAZT) has published the English version of its electronic invoicing (e-invoicing) Regulations. The Regulations were previously published in Arabic.

In addition, GAZT has added a section in its website for e-invoicing, providing a consolidated source of information on the topic. This includes awareness materials, as well as a guideline and FAQs documents which were published previously.

GAZT issued the e-invoicing Regulations in Arabic on 4 December 2020, setting out that it will be mandatory for resident taxpayers to be fully equipped to issue and store e-invoices by 4 December 2021.


Oman developments

Less than 60 days until the VAT go-live date

Value Added Tax (VAT) will be implemented in Oman on 16 April 2021. Leading up to the VAT go-live date, it is crucial for businesses and individuals to ensure they are registered for VAT and to prepare for day one compliance.

The VAT registration process in Oman commenced on 1 February 2021. All eligible businesses generating or expected to generate more than OMR 1 million in annual vatable supplies have a mandatory obligation to register for VAT within the period from 1 February 2021 to 15 March 2021. A business may also register for VAT on a voluntary basis with annual actual or expected supplies/expenses of OMR 19,250. The effective date of VAT registration is 16 April 2021.

For details about the revenue thresholds for mandatory registration and VAT compliance obligations, please refer to our recent alert.

This digest is for information purposes only and should not be construed as advice. It does not necessarily cover every aspect of the topics with which it deals. You should not act upon the contents of this alert without receiving formal advice on your particular circumstances.

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