What's New - Version 6.0.10
Release Date : 03 July 2020
1. VAT Rate increased from 5% to 15% by the Kingdom of Saudi Arabia (Enhanced)
- Applicable for Kingdom of Saudi Arabia (KSA)
General Authority of Zakat and Tax (GAZT) of the Government of Kingdom of Saudi Arabia (KSA) has announced that effective 1 July 2020, Value Added Tax (VAT) rate will increase to 15% from the current rate 5%. For Purchase transactions dated 1 July 2020 and later, FACT ERP.NG will now automatically apply the New VAT Rate of 15% for the following Tax Category also.
-
VAT 15% IM (Imports subject to VAT paid at customs)
-
VAT 15% RC (Imports subject to VAT accounted for through the reverse charge mechanism)
-
Important Note :
-
To activate the above VAT Codes : click once on Masters - Invoice Terms - VAT Codes - VAT Codes Tab
-
(Masters - Invoice Terms - VAT Codes)
(Accounts Payable - Purchases - Entry - Purchase Inward Quotation)
(Accounts Payable - Purchases - Entry - Purchase Order)
(Accounts Payable - Purchases - Entry - Purchase D/O (GRN))
(Accounts Payable - Purchases - Entry - Purchase Invoice)
(Accounts Payable - Purchases - Entry - Purchase Return)
(Accounts Payable - Purchases - Entry - Vendor Debit/Credit Note)
(General Ledger/Cash/Bank - Entry - Cash / Bank Voucher)
(General Ledger/Cash/Bank - Entry - Journal Voucher)
2. Statutory – VAT Return Form (Enhanced)
- Applicable for Kingdom of Saudi Arabia (KSA)
-
VAT entered with new rate of 15% now reported in VAT Return for the following Tax Category
-
VAT 15% SR (Standard Rated Supplies)
-
VAT 15% IM (Imports subject to VAT paid at customs)
-
VAT 15% RC (Imports subject to VAT accounted for through the reverse charge mechanism)
-