Saudi Arabia announces issuing VAT warning

The tax authorities of Saudi Arabia have cautioned businesses severely regarding the late submission of value-added tax (VAT) returns.

The Zakat, Tax, and Customs Authority (ZATCA) has specifically reached out to businesses with annual supplies exceeding SR40 million ($10.7 million), urging them to submit their VAT returns for January by no later than February 29 of this year.

It is imperative for businesses to adhere to this deadline to avoid facing significant fines for late submission, which can range from 5% to 25% of the declared VAT returns. To facilitate the submission process, the ZATCA has provided multiple channels for businesses to submit their returns. They can do so via the official website, zatca.gov.sa, or through the ZATCA smartphone application.

Businesses can reach out to the ZATCA through several routes if they need more information or support with VAT. You may reach the ZATCA at any time by their unified contact center number (19993), their email ([email protected]), their instant messaging tool on their website (zatca.gov.sa), or the "Ask Zakat, Tax, and Customs" account on the (X) platform (@Zatca_Care).

In Saudi Arabia, VAT is a widely used tax system that imposes an indirect tax on all goods and services that entities buy and sell, with some exceptions. Ensuring compliance with VAT regulations is essential for businesses operating in the Kingdom to fulfill their tax obligations and avoid penalties.

In summary, businesses subject to VAT in Saudi Arabia must act promptly to submit their VAT returns for January to the ZATCA by the specified deadline. Failure to comply may result in significant fines, highlighting the importance of timely submission and adherence to tax regulations.

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