RIYADH —The General Authority of Zakat and Tax has renewed its call for businesses whose annual revenues exceed SR 375,000 to register for VAT before Dec. 20, 2018 via VAT.GOV.SA. In June 2016, the GCC countries agreed to impose VAT across the GCC region. In February 2017 (Jumada Al-Awwal 1438), Saudi Arabia ratified the GCC VAT framework and imposed VAT on Jan. 1, 2018 (Rabi Al-Thani 14, 1439). VAT was introduced at a standard rate of 5 percent. The GAZT stressed that failure to register for VAT on time will expose businesses to regular penalties as per the VAT law and regulations. For all VAT-related information, GAZT invites businesses to visit (VAT.GOV.SA) and contact the call center (19993) for any inquiries, and called on them to also follow the VAT account (@SaudiVat) on Twitter. — SG