| Update: | Compliance Alert – ZATCA proposes amendments to VAT regulations for public consultation |
| Date: | 2024-08-29 |
ZATCA has proposed amendments to the VAT Implementation Regulations, open for public consultation until 17 September. The amendments aim to align tax procedures with international standards, improve the efficiency of tax refunds, enhance compliance, and support the Kingdom's tourism sector. The proposed amendments impact 26 articles of the current VAT law.
Key changes include:
- Issuance Deadline for Credit/Debit Notes: The new amendments require credit and debit notes to be issued within fifteen days after the month of the event, aligning with the timeframe for tax invoices.
- Tax Group Registration: The amendments revise registration by emphasizing residency, economic activity, and ownership/control criteria.
- Nominal Supplies: This clarifies that nominal supplies are treated as supplies for consideration unless specified otherwise, differing from the previous text, which referred only to VAT agreement provisions.
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