GAZT has published new Excise Tax Guidelines has been saved
GAZT has published new Excise Tax Guidelines
The General Authority of Zakat and Tax (GAZT) has published new Excise Tax Guidelines on their website. Excise Tax has been in effect in KSA since 11 June 2017. The guidelines are a useful reference on Excise Tax and provide guidance for Excise taxpayers on the following main topics:
- Excise Tax Registration;
- Payment of Excise Tax;
- Filing of Excise Tax returns;
- Customs Declaration;
- Tax Warehouse;
- Movement of Excise Goods under Tax Suspension;
- Monthly Movement Declaration;
- Audit and Assessment; and
The fact that GAZT have issued these Guidelines at this stage, suggests that they are now comfortable with their understanding of the practicalities of the compliance aspects of the law.
As such, the possibility of them commencing more widespread audit activity is increased, and the relevant taxpayers should ensure that they are able to sustain such audit activity. It would likely be a good idea to undertake a review of past returns, and the current compliance processes in order to minimize any associated risks.