VAT and Zakat Services & Solutions in Saudi Arabia

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ZAKAT & VAT SOLUTIONS

At Accurate, clients can find a wide range of VAT and Zakat services, which are aimed specifically at the Saudi Arabian market. Our dedicated professional staff of directors and senior consultants will help to ensure your business complies with local regulations and, more importantly, gets your tax laws right. Whether you need help managing your VAT invoices all the way to determining detailed Zakat values, we are here for you.

why choose us

We are the best VAT and Zakat expert in Saudi Arabia with 10 years of experience, offering premium services to our clients. Our team consists of expertly certified professionals who manage our highest-quality services with state-of-the-art technology at minimal cost. While searching for local approved providers, we guarantee adherence to all legal requirements for their operations while preserving the confidentiality of the information provided and its safety.

About VAT

What is VAT?

VAT is a consumption tax levied on final consumers at the rate and within the time interval of the sale and purchase of goods and services

How is VAT calculated?

VAT is calculated on the net figure arrived at by a certain percentage of the sale price of the goods or provision of the services. The standard VAT rate in the Kingdom of Saudi Arabia, by law, is set at 15%.

Criteria for VAT registration

A compulsory registration for VAT applies to any business engaged in taxable supplies with a value of above SAR 375,000 within twelve months.

HOW TO REGISTER

Registration can be done through the GAZT website and smartphone application. What we can do for you is help you navigate through this process.

VAT RETURN FILING

VAT returns should be submitted monthly or quarterly, provided that your business falls under the quarterly filer category

VAT REFUND

It can be evidenced that businesses are allowed to recover VAT as input tax exceeds output tax.

VAT HEALTH CHECK

This is why we provide our clients with an extensive VAT health check to guarantee that the company is in accordance with the law.

VAT DE-REGISTRATION

De-registration of a value added tax is obligatory in situations where annual taxable supplies do not exceed 375,000 SAR.

PENALTIES

Failure to follow the law may lead to dire consequences. We assist you in avoiding these by ensuring precise and timely compliance.

What We DO

Registering and Interfacing with the VAT Authority

We offer registration for our client’s business for VAT, preparing all necessary documents, submitting the application, and following up with the VAT Authority on behalf of the business.

Account Maintenance in Compliance with VAT Regulations

Accounting methods employed in our team correspond to the general VAT requirements, and thus functional accounting systems are employed. We enter all transactions in the correct codes, provide the proper VAT codes, and keep the detailed records needed for Vascom’s VAT compliance needs.

Preparation and Submission of VAT Returns

With our attentive accuracy, we compute your VAT returns and include all the details of the taxable supplies and purchases. The returns are thoroughly checked for any possible errors before they are submitted to the VAT Authority on time to avoid penalties.

Payment Advisory on Prescribed Dates

We provide the service for timely updates and the analysis of payments on VAT to be made. Our team compiles a precise figure of the amount envisaged to be paid in terms of input and output VAT, so you can always monitor your payable tax and related compliance dates on the specified financial statement.

Negotiations and Dispute Resolution with the VAT Authority

If there is a disagreement between your company and the VAT authority, our skilled staff advocates for your business/company. We draft detailed answers to questions, participate in meetings as your advocate, and try to negotiate positive outcomes.

Handling notices and communications from the VAT Authority

We independently accept or respond to any correspondence with the VAT Authority on your behalf. This involves understanding the notices received, drafting responses, and complying with all the requirements by providing all the information as and when required.

Zakat Calculation and Filing

Apart from VAT services, our firm provides professional Zakat computation with the use of your financial statements, as well as Saudi Zakat laws. We complete your Zakat returns, including submission to the GAZT, to guarantee total conformance with the existing standards.

VAT and Zakat Advisory Services

Our team continues to offer advice to the organisation on existing and emerging impact assessments on new business activities and operations, regulation of complex transactions, and general legal opinions on tax consultancy within the context of legal compliance.

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Frequently Asked Questions

Q1: How frequently do I have to pay and file my VAT returns?

Depending on the turnover, preferably within one month but not so frequently as to be within a quarter.

Q2: In your opinion, is Zakat similar to or different from VAT?

Zakat is an Islamic levy, whereas VAT is a consumption tax.

Q3: Is it mandatory for all business establishments to register for VAT?

Yes, it does if the annual taxable supplies are more than SAR 375,000.

Q4: Is VAT able to be reclaimed on all of the business costs?

Speaking of the expenses subject to VAT, there are some that are not subtracted. If you’re concerned about your eligibility for claims, we can help you navigate it.

Q5: With regard to VAT penalties, what happens if you fail to make your payment on time?

We help to check immediate compliance in order to avoid such problems.

Q6: In regards to Zakat, how do you manage to calculate them?

We compute the amount you need to pay for Zakat based on your balance sheet and Saudi Zakat laws.