THE General Authority of Zakat and Tax (GAZT) concluded the VAT Forum in Riyadh last Aug. 16. The forum, which was held under the patronage of GAZT Governor His Excellency Suhail Abanmi, is a major event that helps businesses in preparing for Value Added Tax (VAT) ahead of its introduction on Jan. 1, 2018.

More than 2000 representatives from over 1200 businesses attended the two-day forum, which featured ten sector-specific sessions on the implications of VAT. The event also included a VAT Fair, where businesses had the opportunity to meet with more than 20 advisors and solution providers to help them prepare for VAT.

GAZT used the forum to launch a dedicated VAT website - VAT.GOV.SA - which has a range of resources and tools for businesses, as well as a VAT helpline – 19993 – for all VAT-related queries. The website includes video tutorials, guidelines and a readiness reporting tool for large businesses to update their progress against requirements.

Speaking on the event, the Governor of GAZT Suhail Abanmi said “businesses of all sizes have much to do to prepare for the introduction of VAT on 1st January 2018 and GAZT is ready to support them through the process. This event allowed us to talk directly to businesses and offer them specific guidance and support on what VAT means for their sectors.”

He added: “Ensuring businesses understand the implications of VAT – and the steps needed to prepare – is a priority for GAZT. This event is just one part of a broader campaign to help taxpayers and I urge all businesses to look closely at their preparations for VAT and the resources we have developed.” — SG