Cpa Club

Connecting Finance Professionals


Credit note or Debit note - VAT Treatment

Posted By cpa club

What is Credit note or Debit note? A credit note /debit note is a commercial document issued by a supplier/seller to a buyer. A Credit notes act as a document to evidence the reduction of value in sales and is issued in various situations to correc

  • 2 months ago
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  • VAT
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  • 192
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Saudi VAT payment in Instalments

Posted By cpa club

With the latest development of the increase in VAT standard rate to 15% have created a cash flow problem for many establishments especially where the customer collection period is long. To overcome this sudden impact on cash flow establishment may ut

  • 4 months ago
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  • VAT
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  • 293
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Filing return with 5% and 15% tax rates

Posted By cpa club

After revision of tax rates in Saudi Arabia, It is a common question among the professionals and executives that how would be revised tax filing form. Gazt has revised the VAT filing form with effect from July 2020, all return filing from these date

  • 5 months ago
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  • VAT
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  • 344
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Saudi Witholding (WHT) Tax rates

Posted By cpa club

Who is responsible Every resident -whether or not a taxpayer according to this law  and a permanent establishment of a non-resident in the kingdom When Pay an amount to a non-resident from a source in the kingdom shall withhold tax from the p


Rules: 15% Reverse Charge mechanism Saudi Vat

Posted By cpa club

For purchases received from Non-resident Suppliers for which the recipient of the supply (the Customer) is obligated to account for the Tax due via the Reverse Charge Mechanism, the transitional rules as set out in section four of this guideline shou

  • 6 months ago
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  • VAT
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  • 398
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Rules:15% Vat for Goods Imported through Customs - Saudi VAT

Posted By cpa club

Goods imported into the Kingdom through Saudi Customs on or after 1 July 2020 will be subject to the revised rate of VAT at 15%. For customs purposes, import means any importation transaction for which a customs declaration has been made and whose g

  • 6 months ago
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  • VAT
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  • 449
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Saudi VAT new tax rate 15% Implications and Transitional Provisions

Posted By cpa club

The Ministry of Finance, Saudi Arabia has decided to increase the standard rate of VAT from 5% to 15% with effect from 1 July 2020. This measure is intended to address the fiscal imbalance due to loss of oil and tax revenue and the cost incurred to f

  • 8 months ago
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  • VAT
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  • 779
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Payment of Corporate Zakat in Installments

Posted By cpa club

Certain cases business cannot pay the lump sum amount Zakat at a time, mainly this is due to the bad collection or fund flow to the business. Such cases GAZT has provided the business to pay Zakat in instalments without incurring any additional cost.