FAQ

Although VAT can be found in more than 160 countries and the basic theory behind the operation of VAT is conceptually simple, in practice the rules can often be quite complex. Therefore, businesses are required to “get it right” in order to avoid penalties; and getting it right can be more difficult for some than others. Deloitte has developed this document to help businesses in the Kingdom understand the potential impacts of the implementation of, and operation under VAT.

The main topics covered in the document are as follows:

• General queries surrounding the upcoming VAT implementation
• Impacts on the financial services sector
• Imports and exports
• Free trade zones
• Transitional issues
• Input tax