GCC Indirect Tax Weekly Digest

GAZT announces level of compliance during first tax filing period

The KSA tax authorities have announced in an Arabic language press release that 95% of the taxpayers which have a requirement to file returns on a monthly basis have submitted their returns for the first tax period.

Entities with an annual revenue exceeding SAR 40 million should have submitted their January VAT return by February 28 2018. GAZT also announced that taxpayers who have defaulted in meeting the deadline would be subject to a fine for late filing along with penalty for failure to pay VAT.

Indirect Tax Academy on GCC Customs and VAT Compliance

Deloitte is hosting a VAT Academy on the interaction of VAT and customs in the GCC on 30 April 2018 in Dubai. This session will be facilitated by Deloitte Indirect Tax experts with significant experience with GCC and global VAT regimes and local Customs practices.

The academy will introduce basic Customs principles in the GCC context, and highlight the interactions between Customs and VAT across the region. The cost for attending the academy is AED 1,000 plus VAT. To register as an attendee, please get in touch.

Please note that this digest is for information purposes only and should not be construed as an 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.