Saudi Arabia-VAT update
Following the release of the draft VAT law, and subsequent consultation period which recently closed, the Saudi authorities have now releases the draft implementing regulations for VAT which provides further details of how the new VAT system will operate in Saudi Arabia from 1 January 2018.
A consultation has also been opened for the document which allows businesses to provide their comments. This period will close on August 19 2017, following which the finalised law and regulations will be released.
The draft document has been released in Arabic, but will shortly be available in English. Further details will be posted in due course.