The Saudi Tax Authority is gearing up for the introduction of VAT by publishing frequently asked questions on its website ahead of the introduction of value added tax.
The hotel industry, like many others in the Middle East, has been eagerly waiting for information about the introduction of VAT on January 1.
Deloitte has also announced it will be hosting VAT academies in Saudi Arabia on 21 and 22 May and Bahrain on 23 May.
“The key question for businesses right now is how long will it take my business to get ready? If businesses have not already started, now is the time for them to start preparing and analyzing in detail what the implications of VAT implementation are,” said Nauman Ahmed, partner and Middle East tax leader at Deloitte.
Justin Whitehouse, Middle East Indirect Tax leader at Deloitte said: “The Deloitte VAT Academy is designed for legal, tax and finance experts who want to have a better understanding from experts on the VAT legal framework. The course is aimed at analyzing the VAT framework and look further at the detailed consequences of the framework for a KSA and Bahraini business in its domestic dealings, and its business within the GCC and the wider world.”
