During a workshop in Asharqia Chamber
Zakat and income reviews value-added applications for SMEs.
During the workshop held by Asharqia Chamber on Tuesday, October 15, 2019, the Zakat and Income Authority reviewed the value-added tax and its application to SMEs, what is the value-added tax and the steps to be followed by SMEs for the registration process, and how to do it. calculated and how to submit a tax return and all the foundations upon which to build a provisioning mechanism.
The representative of the General Authority for Zakat and Income, Abdullah Mamdouh Al-Enezi, said that establishments whose annual revenues exceed SAR 375,000 are obliged to register in the VAT, while those enterprises whose annual revenues are less than SAR 187,500 are exempted from registration. that the size of the annual revenue ranges between Al187.500 and Al375.00 thousand riyals.
Al-Enezi pointed out that the period of submission of tax returns is determined by the volume of taxable annual supplies, stressing that each establishment has a single tax number, even if there are multiple activities, explaining how to avoid errors when submitting and filling forms and filing and calculating tax returns.
Al-Enezi pointed out that registration in the VAT is in accordance with a two-step procedure, whereby the taxable person is obliged to register first as a taxpayer for the purposes of Zakat or income tax, and then the second step comes to register according to the VAT. First, it must introduce some changes in the business system in several key areas, such as compliance with the VAT system and its executive regulations, preparing the accounting system and chart of accounts, as well as developing technology solutions in line with the tax system. J and applications, and make sure to save the accounts and activate the assessment and payment of tax systems.
Al-Enezi explained that the tax return form was simple and easy to deal with by the establishments subject to the tax system, and it is compatible with all users, pointing out that the tax return is one of the most important requirements for the establishments, stressing the need to request a tax invoice from the supplier when buying the commodity.
For his part, Salim Mutlaq Al Mutairi, the representative of the Authority, spoke about the communication channels provided by the Authority to achieve effective communication with the establishments, saying that the Authority provided about five information channels to keep all establishments fully aware of the latest developments, both through mobile applications, which provide A convenient platform for VAT information, or the website, which is the main information platform or unified call center to provide information and respond to inquiries, as well as conduct events and workshops with various entities to introduce the VAT and its application systems, Connect with the body through e-mail to all establishments in the Kingdom.
