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University News

Awareness-Raising and Introductory Lecture on Value-Added Tax

03 December 2017

Organized by the University in cooperation with the Saudi Accounting Association

Awareness-Raising and Introductory Lecture on Value-Added Tax

Within the University activities for community service, the university organized, in cooperation with the Saudi Accounting Association, a lecture on the "Value-Added Tax" on  Wednesday evening 4/3/1439H  in the university large auditorium. The lecture was attended by His Excellency Dr. Saad Bin Saleh Al Ruwaita, Vice Chancellor for Administrative and Financial Affairs, Dr. Nsser bin Mohammed Al-Saadoun, Head of the Saudi Accounting Association, Dr. Saad Bin Abdul Aziz Al Mousa, Dean of College of Business Administration &, Dr. Abdul Hakim Bin Abdulrahman Al Majed, Dean of College of Engineering, the faculty members of the College of Business Administration, and those  involved in the profession and its employees. The meeting was moderated by Dr. Mohammed bin Sultan Al-Sahli, Professor of Accounting at King Saud University. The speakers of the meeting were Dr. Ahedi Abdul Mardi Ahmed, Tax Advisor, and Mr. Bassil Manea Al-Freihi, Director of Zakat and Tax Department in Ernst & Young Accounting and Auditing Office.

The lecture brought a big turnout, as the university’s large auditorium was filled with hundreds of participants and attendance. There were considerable interaction and active participation from both lecturers and those who attended the lecture.

It is well known that out of  the objectives stated in the Gulf Cooperation Council, which seeks to devote, support and develop the means of economic cooperation and coordination among the GCC countries; In line with the GCC economic agreement objectives, which seeks to advanced stages of economic integration and the development of legislation and identical legal bases in the economic and financial fields and in order to strengthen the economy of the GCC countries and to continue the steps that were taken to establish economic union between them, the Member States agreed, through the unified value-added tax agreement, on introducing a general tax on consumption in the GCC countries called "Value-Added Tax" (VAT). The tax shall be imposed on the import and delivery of goods and services at each stage of production and distribution. Based on this agreement, the value added tax is intended to be applied at the beginning of 1/1/2018. The General Authority for Zakat and Tax, in coordination and cooperation with all relevant government agencies, took the job for preparation both of the rules, regulations, and arrangements for the value-added tax and the preparation for its introduction on the appointed time.