The key updates in the proposed KSA VAT Regulations include:
1. Modifications to tax group formation criteria and processes
2. Changes to tax group registration process
3. Updated definitions for economic activities related to VAT registration and deregistration
4. Amendments to deemed supply rules
5. New stipulations for transfer of economic activities between taxable persons
6. New VAT treatment for transactions within special economic zones
7. Responsibilities for marketplaces involved in supplying electronic services
8. Revamped tax refund process for non-resident foreign businesses
Source Geet Shah
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