New Amendments To KSA VAT Legislation

• ZATCA has approved new amendments to the VAT Implementing regulations, which mostly relate to sub-articles of specific Articles.
• These amendments and additions include changes to the application for registration, registration provisions, financial services, transportation services, adjustment to the value of a supply, correction of returns, refund of tax, and rulings.
• Notable changes include the requirement for taxable persons to display their registration certificate in a visible manner, the addition of insourcing of labor as a legal basis for not applying VAT, and the clarification of exempt supplies for financial services.
• Additionally, a new article has been added for supplies made to diplomatic missions by qualified suppliers.
• The amendments also specify the criteria for determining qualified suppliers and the procedures for their qualification.
• Other changes include modifications to the preparation of tax returns on a cash basis and adjustments to the threshold for underestimating net tax by taxable persons.

Source Aurifer

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