What's New - Version 6.0.10

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)