GAZT to inspect businesses’ compliance before VAT implementation

In coordination with the Saudi Organization for Certified Public Accountants (IFAC), the General Authority of Zakat and Tax (GAZT) has started inspecting the business entities that will need to implement value-added tax (VAT). 

Saudi Arabia is set to start implementing VAT on Jan. 1, 2018.

The IFAC-licensed inspectors will make field visits to entities in Riyadh, Jeddah and Dammam to ensure that they have a VAT operations unit, VAT awareness programs and related accounting systems.

Field visits will extend until Dec. 21, 2017.

IFAC and GAZT lately inked an agreement to inspect the entities subject to the VAT implementation, data compiled by Argaam showed.