GAZT calls on businesses whose annual taxable revenues exceed SAR 40 million to submit their July tax returns
Riyadh, August 28, 2018:
The General Authority for Zakat and Tax (GAZT) called on all VAT-registered businesses whose annual revenues from taxable goods and services exceed SAR 40 million to submit their July tax returns before August 31 through the GAZT portal GAZT.GOV. SA.
According to the VAT Law and Implementing Regulations, businesses whose annual revenues from taxable goods and services exceed SAR 40 million must submit their tax returns on a monthly basis. Hence, July tax returns must be submitted before the end of August.
GAZT noted that the penalty for non-submission of the tax return within the specified period amounts to no less than 5% and not more than 25% of the tax amount due. Infringing businesses will also be penalized for late payment equal to 5% of the tax amount due for every month or part thereof which passes with no payment, as well as possible suspension of numerous government services.
GAZT further stressed that VAT’s Implementing Regulations allow businesses to revise previous tax returns, so long as it is notified of this within 20 days from the date of when the error was discovered, and called on businesses to adhere to the standard tax return form in order to provide clear information on the tax amount due on revenues and purchases.