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Clarifications and Changes Post VAT Implementation in Saudi Arabia

Posted By: CA Mitesh Katira

VAT is implemented in the Kingdom of Saudi Arabia with effect from 1st of Jan 2018. Even the first monthly return was due on 28th of Feb 2018. This being a transactional tax change, it has impacted the way business was done apart from the cash flow and P & L to a great extent. This article lists down the ongoing clarifications, press releases and changes post VAT implementation.

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Major Relief For MSME Borrowers Registered Under Goods & Services Tax (GST) (Circular dt. 7th Feb,2018)

Posted By: CA Hemant J Mehta

The RBI has given a loan-repayment breather to GST-registered micro, small and medium (MSMEs),whose cash flows were affected due to implementation of the Goods and Services Tax regime.

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Government Approves Change In The Criteria For Classifying MSME’s

Posted By: CA Manan Trivedi

The Cabinet has approved a change in the basis of classifying Micro, Small and Medium enterprises from ‘investment in plant & machinery/equipment’ to ‘annual turnover’. Criteria Now Based On Annual Turnover Not Investment.This will encourage ‘ease of doing business’, make the norms of classification growth oriented and align them to the new tax regime revolving around GST (Goods & Services Tax).

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