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KSA businesses to maintain computerized accounting records and issue VAT invoices in Arabic

The strengthening of local regulations together with greater scrutiny from the tax authority is challenging businesses to take increased measures towards ensuring compliance.

As per the requirements of the Law of Commercial Books, later updated by the Ministerial Resolution Number 1633 and reiterated by the tax and Value Added Tax (VAT) laws, companies in the Kingdom of Saudi Arabia (KSA) are required to maintain computerized accounting records in the Arabic language. The VAT regulations also require companies to issue VAT compliant invoices in the Arabic language.

The auditor of a company, as per the instructions from the Saudi Organization for Certified Public Accountants (SOCPA) , is required to issue a limited assurance report confirming that the entity is complying with the provision of the commercial law.

Non-compliance with the regulations, or an inaccurate translation, may result in the tax authority rejecting the tax return filed by a taxpayer and instead issuing an arbitrary assessment, which can lead to a significant tax liability as well as the imposition of penalties.

To help businesses meet these requirements, the Deloitte Business Process Solutions (BPS) team has developed a dedicated Center of Excellence (CoE) for Arabization. The CoE has experienced professionals who have been involved in assisting clients across KSA in Arabic translation services and compliance with Arabic record-keeping requirements. The CoE also has cost-efficient and easy-to-use technology solutions for ensuring compliance with the relevant regulations.

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Basit Hussain

Basit Hussain

Partner | Tax | Business Process Solutions

Basit is the Middle East Leader for Business Process Solutions (BPS) Division of Deloitte & Touche (M.E) - under Tax and Legal. He leads nominated BPS pursuits in designated verticals (managing the en... More

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