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VAT REPRESENTATION FOR NON RESIDENT ENTITIES
With the introduction of Value Added Tax in Saudi Arabia from 01.01.2018, businesses are required to account for VAT on all transactions in KSA. Since foreign companies do not have permanent offices with a Tax reference in KSA, in such cases, it is required that a tax representative must be appointed to account for VAT on the income generated in KSA.
Key points to note
- As per article number 77 paragraph 2, The Tax Representative shall be jointly liable for payment of any Tax due by the Taxable Person until such date the Tax Representative is confirmed by the Authority as ceasing to act on behalf of that Taxable Person.
- As per article 66 paragraph 5, the company must maintain all invoices, records and accounting documents which related to activity with the representative.
In effect representative will be like an extended office of the company for all VAT purposes.
If you would like to know more about the above VAT representation or any of our services and how we can help you, please contact our representative.
- Mobin Karamat
- Director Consulting
- Mob: + 966 (0) 55 4777 324
- Tel:+ 966 11 4161008 Ext. 209 / 205
- Email: firstname.lastname@example.org
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IFRS 16 introduces a single lessee accounting model and requires a lessee to recognize assets (right-of-use) and liabilities for all leases with a term of more than 12 months or unless the underlying asset is of low value.
Recognition and Measurement at commencement date
Measurement at commencement date
- Measure Lease Liability
At commencement, a lessee should measure the lease liability at the present value of the lease payments, that are not paid at that date.
- Right of Use Asset
At commencement, a lessee should measure the right-of-use asset at cost as below;
Cost comprises of:
- Present value of lease payments.
- Any lease payment made at or before the commencement date
- (Less) any lease incentives received.
- Any initial direct cost incurred by lessee.
- Any disposal/dismantling costs, incurred by lessee.
The lessor does not record the leased asset in its financial statements as its has transferred the risks and reward. Instead, he records the amount as receivables as “Net Investment in Lease”.
Receivable is described as
- Net investment = Present value of Gross investment or;
- Net investment = Fair value + Initial direct cost.
If you would like to know more about the above or any of any services then please contact our representative.
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