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)