Saudi Arabia releases VAT return

Saudi Arabia has released details of its VAT return in time for the 1 January launch of the 5% tax.

Businesses providing taxable supplies above SAR 40m are required to file monthly returns - otherwise quarterly.  The VAT return is due the last day of the month following the reporting period end

The return includes the following boxes:

• Standard rated domestic sales
• Sales to registered customers in other GCC states
• Zero rated domestic sales
• Zero rated exports
• Exempt sales
• Standard rated domestic purchases
• Imports subject to VAT paid at customs
• Imports subject to VAT accounted for through the reverse charge mechanism
• Zero rated purchases
• Exempt purchases
• Corrections from previous period up to 5,000 SAR. Any corrections above this amount will require a corrective return

Click for free Saudi VAT info