Saudi authorities have recorded 770 VAT violations during a sweep on retail stores across the Kingdom. The violations were spotted over seven days during the campaign aimed at ensuring businesses’ compliance with regulations, the Saudi General Authority of Zakat and Tax (GAZT) said.
The violations ranged from failing to keep tax records and bills, tax evasion and charging a tax value more than the one approved. The agency had earlier urged business owners to abide by the new VAT level starting from July 1.
The GAZT vowed to go ahead with inspection of markets and stores across the kingdom to ensure compliance with regulations. In May, Saudi Arabia announced the tripling of VAT to 15 per cent on goods and services as part of measures to mitigate the economic fallout from coronavirus and a subsequent fall in oil prices.
SOURCE : GULF NEWS
