The Government of the Kingdom of Saudi Arabia (‘KSA’) announced several measures to counter the financial and economic impact of…
The Government of the Kingdom of Saudi Arabia (‘KSA’) announced several measures to counter the financial and economic impact of COVID-19 on the government budget. One of such measures include an increase in the VAT rate to 15% from current 5%, be applicable from July 01, 2020.
With these changes effective, we have taken all steps to have the changes managed within our gym management software and ensure your conformity under these regulatory compliances.
For all products and services our club management software has configured the VAT % for the invoice and billing transactions.
Further guidance on the VAT rate increase was issued by GAZT on May 20, 2020 in relation to the transitional rules that will apply. The recent guidance also sets out that the transitional period for the VAT rate increase would be from May 11, 2020 to June 30, 2021.
This indicates that contracts or agreements signed prior to May 11, 2020 would be subject to VAT at 5% until the earlier of or the expiry date of the contract,
Fitnessforce gym management software has developed a Corporate Level Agreement VAT Configuration. The gym or the club can take the decision on their corporate customers falling under the % of VAT to amend in the front end configuration to handle the corporate or center wise transactions accordingly.
You can edit all product prices from the back-end to ease the manual tasks.
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