VATupdate

Contracts reporting requirement

GAZT has enabled an ‘e-services’ option on their portal for taxpayers enabling them to report contracts entered into between commercial establishments and Government authorities exceeding the threshold value of SAR 100,000. Such contracts need to be reported within three months of the execution date. There are no specific provisions available covering this reporting requirement in the VAT law and Implementing Regulations. GAZT has issued detailed guidance which can be accessed here

Source: PwC

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