"GAZT ": Businesses whose annual revenues exceed SAR 40 million must file tax returns before end of November
Riyadh - 25 November, 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 October tax returns before the end of November.
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.
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. It also noted the importance of adhering to the standard tax return form in order to provide clear information on the tax amount due on businesses’ revenues and purchases.
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.