Riyad Bank has recently held a number of awareness-raising seminars for its corporate customers throughout the Kingdom on the Value Added Tax and its implementation.
<p>Riyad Bank has recently held a number of awareness-raising seminars for its corporate customers throughout the Kingdom on the Value Added Tax and its implementation.</p><p>Mohammed Al-Qureshah, The Executive Vice President of Finance at Riyad Bank, stated that Riyad Bank has a responsibility towards playing an awareness raising role, which enables the bank’s customers to better know and be ready to implement VAT in addition to introducing them to VAT regulations, laws and directives.</p><p>Al-Qureshah pointed out that Riyad Bank is keen to hold such seminars to explain the important role that the General authority of Zakat and Tax plays in enhancing the tributes of national economy, serving establishments, and securing sufficient data to ensure timely implementation. This in turn helps people in charge to make the right decisions to guarantee the continuity of good performance of those establishments as well as achieving their goals, meeting its stakeholders’ needs, and maintaining the national economy capabilities as a whole.</p><p>Al Quraisha further explained that the seminars included an overview of VAT, VAT Implementing Regulations, registration requirements and necessary preparations for implementation with regard to record keeping and VAT reporting. He encouraged those who desire to stay updated on VAT to visit the General authority of Zakat and Tax’s website (<a target="_blank" href="http://vat.gov.sa/ar/about-vat/what-is-vat">http://vat.gov.sa/ar/about-vat/what-is-vat</a> ).</p>
