“GAZT ” calls on businesses whose annual revenues exceed SAR 40 million to file tax returns before end of December

News Saudi Arabia

 Riyadh – 24 December, 2018:
The General Authority for Zakat and Tax (GAZT) called on all businesses registered in VAT whose annual revenues from taxable goods and services totals SAR 40 million or more to file their November tax returns before the end of December.

In a statement, GAZT noted that these businesses are required to file their tax returns online for each tax period by the last day of the month immediately following the end of the related tax period. As such, the November tax return is due by the end of December.
Businesses which fail to submit the tax returns on time will be subject to fines ranging between 5% and 25% of the tax amount due, in addition to a fine equal to 5% of the tax amount for each month or part thereof in which the tax goes unpaid and the suspension of several government services.

According to the provisions of the VAT Law, GAZT reminded businesses that they may amend tax returns from previous tax periods which have been already submitted, provided that it is informed of this within 20 days from the date of when the error became evident.

Businesses are encouraged to visit the GAZT website (vat.gov.sa) to access a wide range of useful tools and guidance materials to help ensure their tax readiness and compliance. They may also contact GAZT for all their VAT-related questions via its call center (19993), Twitter (@SaudiVAT), or e-mail (vat@gazt.gov.sa).

Courtesy :www.vat.gov.sa


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