VAT Compliance regulations in Saudi Arabia

• VAT Registration: Understanding and navigating the VAT registration process.
• Tax Treatment: Correctly applying VAT to various goods and services.
• Accounting and Records: Supporting correct records of VAT transactions and invoices ,For more detailed guidance on e-invoicing compliance, see our blog on Simplifying Business with ZATCA E-Invoicing in Saudi Arabia
• Filing VAT Returns: Timely and correct submission of VAT returns.
• VAT Audits: Preparation for and management of VAT audits.
• Penalties and Consequences: Risks and repercussions of non-compliance, including fines.
• Local Regulations: Adherence to local VAT laws, including invoice requirements.
• VAT Reclaim: Procedures for reclaiming VAT on business expenses.
• Documentation: Importance of thorough documentation and record-keeping.
• Stay Updated: Keeping informed about changes in Saudi Arabia VAT regulations.

How can Juleb Help Pharma & Distribution?

At JULEB, default taxes are pre-set based on respective country or specific fiscal setup. Pharmacy has a control on which taxes are automatically assigned when you create a new product. This simplifies the process by automatically filling in the tax details when you add items to invoices or bills, ensuring accuracy and efficiency in your financial transactions.

• To manage taxes in your business setup at Juleb, navigate to accounting > Configuration > Taxes. Activate taxes by toggling the switch under the Active column.

• For editing or creating new taxes, select the tax you wish to change or click "New" to create a new tax. This allows you to customize tax settings to fit your business needs efficiently.

VAT Simplification

• Streamlined Workbooks: Efficiently define and upload tax configurations using user-friendly workbooks.
• Integrated Validations: Benefit from prebuilt validations and instructions available in all spreadsheet templates.
• Rapid Tax Setup: Complete tax implementations quickly, within minutes.
• Flexible Templates: Apply new tax configurations or update existing ones seamlessly at the form or with spreadsheet templates.
• Automatic Tax Regime Updates: Ensure branches are automatically aligned with current tax regimes.
• VAT Updates: VAT on bills and invoices is updated automatically based on product card information.
• Automatic VAT Calculation: VAT is automatically calculated and updated for manually entered accounting entries based upon VAT code choice.
• Bulk Import Enhancements: Bulk entries imported through templates now include automatic VAT calculation during the import process.
• Real-Time VAT Summaries: Information required for VAT Payments is available in real time for business to make better financial planning.

VAT Reporting

• Sales VAT Report: Offers real-time insights into VAT for sales transactions across all channels, including POS, B2B, and Accounting.
• Purchase VAT Report: Provides detailed VAT information on purchases and products, helping track VAT on all procurement activities in real time.
• VAT Summary Report: Summarizes VAT data across transactions, delivering a combined view of VAT obligations and credits in real time.
• BI VAT Reports: Enables Business Intelligence VAT reporting tailored to specific business requirements, with flexible activation based on needs shall be accommodated basis Business needs.

For more information about VAT payments in Saudi Arabia, see our blog VAT Payments in KSA