Saudi Arabia has told businesses to submit VAT returns by the end of the month or face fines.
The Zakat, Tax and Customs Authority (ZATCA) reminded businesses subject to value-added tax (VAT) and with annual supplies of goods and services exceeding SR40m ($10.7m) to submit their tax returns for May by June, 30.
To avoid fines for late submission, the authority urges businesses to promptly submit their tax returns via the website zatca.gov.sa or the authority’s ZATCA smartphone application.
Saudi VAT rules
VAT is an indirect tax levied on all goods and services bought and sold by businesses in the Kingdom, with certain exceptions.
Fines for late submission range from a minimum of 5 per cent to a maximum of 25 per cent of the tax due.
For further information on VAT, business taxpayers are encouraged to contact the Authority via:
- Phone: 19993
- X: @Zatca_Care
- Email: [email protected]
- Online: www.zatca.gov.sa
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