Zakat and Income “invites enterprises subject to value added tax to submit their tax returns for July

Media In – Riyadh – 28 August 2018

The General Organization for Zakat and Income of Saudi Arabia has called on all establishments registered in the VAT, which exceed its annual revenues of taxable goods and services, 40 million riyals to submit their tax returns for July before the end of August through the portal of the General Authority for Zakat and Income (GAZT.GOV). SA, according to the VAT system and its executive regulations. The Zakat and Income Tax Authority confirmed 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. Which are not paid for every month or part of which no tax has been paid. Those who are not obliged to submit their declarations on regular dates may be subject to the suspension of many government services. The Authority reiterated that the enterprises are entitled to correct their tax returns submitted for a previous tax period in accordance with the provisions of the executive regulations of the value added tax system provided that the Authority is informed of this within a maximum period of 20 days from the date of knowledge of the error. Clear the tax payable on income and tax payable on purchases.