Saudi Arabia releases VAT return
- 15 September 2017 | Richard Asquith
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
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