Zakat and Saudi Income “: Thursday is the last date for submission of tax returns for establishments whose annual revenues exceed 40 million riyals for the month of April

Media In / Agencies / Riyadh, May 27, 2018
The General Authority for Zakat and Income Tax has invited all establishments registered in the value added tax, which exceeds the value of their annual imports of taxable goods and services, SR 40 million to submit their tax returns for the month of April before the end of May.
In accordance with the Value Added Tax (VAT) system and its executive regulations, enterprises with over 40 million riyals must submit their declarations monthly by the last day following the end of the tax period related to the approval. The establishments whose supplies are equal to 40 million riyals or less should submit their tax returns every 3 months .
The Zakat and Income Tax Authority confirmed in a statement that the penalty for not submitting the tax return within the specified period is not less than 5% and not more than 25% of the value of the tax that the establishment was required to recognize, Of the value of the unpaid tax for each month or part thereof for which no tax has been paid.
On the other hand, the Authority pointed out that the enterprises are entitled to correct their tax returns that they have already submitted for a previous tax period, in accordance with the provisions of the executive regulations of the tax system provided that the Authority is informed of this within a period not exceeding twenty days from the date of submission of the declaration.
The Authority explained that the entities can change the period of submission of their tax returns, from monthly statements to quarterly and vice versa in the event of an error in recording the annual financial statements, through the account of the entity in the portal of the Authority (gazt.gov.sa).