‘Submit VAT returns or face fines’ says Saudi tax authority

VAT is an indirect tax levied on most goods and services supplied or acquired by businesses in the Kingdom, with certain exceptions.

The Zakat, Tax and Customs Authority (ZATCA) has urged businesses subject to Value Added Tax (VAT), whose annual supplies of goods and services exceed SR40m ($10.7m), to submit their tax returns for October no later than November 30.

Saudi VAT fines

ZATCA urged businesses to submit their tax returns on time through its website, zatca.gov.sa, or via the ZATCA mobile app, to avoid a late-filing penalty.

These penalties range from a minimum of 5 per cent to 25 per cent of the due tax amount.

ZATCA also urged business sector taxpayers seeking more information on tax deduction to contact it through:

• Phone: 19993
• X: @Zatca_Care
• Email: info@zatca.gov.sa
• Online: www.zatca.gov.sa

Source: https://www.arabianbusiness.com/politics-economics/submit-vat-returns-or-face-fines-says-saudi-tax-authority