11/30/2017 7:17:33 AM cpa club 3 years ago
The Zakat and Income Tax Authority clarified the VAT invoice form to be adopted with the introduction of the tax on 1 January 2018, with the aim of improving the levels of tax compliance.
The Authority indicated that two forms of invoices will be approved.
Simplified Tax Invoice
The first is a simplified tax invoice for the supply of goods or services with a total value of less than one thousand Saudi riyals containing the date of issue, the name, and address of the supplier and the tax identification number, the statement of goods or services supplied, Payment for goods or services, in addition to indicating the tax to be paid or indicating that the consideration includes the tax in respect of the supply of goods or services, and no simplified tax invoice may be issued in respect of inter-shipment or export of goods.
Detailed Tax Invoice
The second model is for supplies of more than SR 1,000. The invoices for these supplies will be more detailed according to Article 53 of the Executive Regulations, which stipulates that the tax invoice shall be in Arabic, in addition to any other language issued by it, From the date of issue of the invoice, the serial number identifying and distinguishing the tax invoice, the supplier's tax identification number, the customer's tax identification number (if the customer is responsible for the calculation of the import tax and a statement thereof), the date on which the supply was signed, the name and address of each The amount and nature of the goods supplied, the scope and nature of the services provided, the amounts subject to tax at rate or exemption, the unit price is not inclusive of tax, and any discounts or rebates if not included in the unit price, applicable tax rate, Due in riyal.
According to the Implementing Value Added Tax (VAT) regulations, each taxable entity is required to issue tax invoices when supplying goods or services subject to VAT or any payments made in respect of the supply of goods or services. This helps enterprises to submit their tax returns at the time they are due, Procedures and requests for refund of taxes on inputs.
The Authority stressed that the value-added tax should be applied to the final reduced price in the event of reduced prices on any of the goods or services supplied, and called on the enterprises to adopt a clear invoice specifying the goods or services that are not taxable either because they are exempt or subject to value-added tax of zero percent.
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