December 24th 2017
In cooperation with the General Authority of Zakat and Income to implement KSA 2030 vision, and help the economical, industrial, service and other corporations subject to VAT, the General Authority of Zakat and Income has approved Ultimate Solutions software full compliance with the new KSA VAT.
Ultimate Solutions Riyadh Branch Manager had met Eng. Suhail Ben Mohammed Abanemi, the General Authority Governor and Eng. Mohammed Al-Shamari, IT manager at General Authority of Zakat & Income and provided the Authority experts with detailed technical presentations for Ultimate Solutions software that help taxpayers fulfill their liabilities.
The agreement between Ultimate Solutions and the authority indicates that Ultimate Solutions accounting software conforms with KSA VAT provisions, and help taxpayers to carry out accounting entries and prepare tax returns automatically.
It is worth mentioning that KSA applies the lowest VAT rates in the world which is 5% since January 1st 2018. The General Authority of Zakat and Income is responsible for applying VAT in collaboration with all related parties.
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