GAZT: 95% of companies whose annual revenues exceed SAR 40 million filed their tax returns for January
Riyadh, March 21, 2018:
The General Authority for Zakat and Tax (GAZT) announced today that 95% of the companies whose annual revenues exceed 40 million riyals have filed their tax returns for the month of January.
In a statement, GAZT said that these are the first tax returns due since the introduction of VAT, praising the level of compliance shown by businesses in filing their returns on time.
VAT implementing regulations stipulate that businesses whose annual revenues exceed SAR 40 million are required to submit their tax returns on a monthly basis before the last day of the month following the end of the tax period. As such, the end of February marked the deadline for filing tax returns for the month of January. On the other hand, businesses whose annual supply equals SAR 40 million or less are required to file their tax returns every three months.
GAZT noted that fines will be imposed on businesses which fail to file their returns on time, including fines for late filing and failure to pay VAT.
Furthermore, GAZT asserted its ongoing communication with VAT-registered businesses to follow up on the filing process and payment of the amounts due, as well as providing information and answering inquiries from businesses received through the various available communication channels, including the call center (19993), social media accounts @SaudiVAT, or e-mail (email@example.com).