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.