The Saudi cabinet has approved amendments to sections 53, 54 and 66 of the Value Added Tax Law.
According to newspaper 24, under the amendment, six clauses of section 53 have also been added and some parts of it have also been targeted.Under the amendment, the Zakat Tax and Customs Authority has been given the power to repeal or suspend in whole or in part the provisions of the Bill, while the authority has also been given the power to take necessary decisions in this regard.
Section 54 has been amended in two clauses to inform the value added tax-bound person who has issued the tax bill and later finds out about the error in the data entered, to inform him of his mistake. Given the opportunity, this facility was not available before.
The amendment would rectify the error mentioned in the bill provided that the importer and the customer keep the tax bill safe and inform the parties concerned.
The amendment bans the preservation of value added tax records in the country. Certain conditions are also set for online record keeping.
