GAZT: less than 10 days remaining to VAT registration deadline for businesses with annual supplies exceeding SAR 375,000
Riyadh, 11 December 2018 :
The General Authority for Zakat and Tax (GAZT) reminded businesses with annual supplies in excess of SAR 375,000 to expedite their registration in the VAT system before December 20, 2018, in order to avoid penalties and fines.
GCC-member states had agreed in June 2016 to apply VAT across the GCC region. In February 2017, the Kingdom of Saudi Arabia passed the Unified Agreement for VAT and began applying the tax as of January 1, 2018.
GAZT noted that the delay in registering for VAT by the deadline will result a number of fines and penalties related to failure to promptly submit tax returns and pay the tax amount due, as well as the suspension of several government services.
In addition, GAZT stressed the importance of submitting all required documents and information and ensuring their accuracy to avoid tax evasion penalties.
GAZT invited businesses to visit the official VAT website (vat.gov.sa) to access a wide range of useful tools and guides to ensure total VAT readiness. Business may also contact GAZT through its call center hotline (19993) or Twitter account (@SaudiVAT) or email (email@example.com) for all their VAT-related queries.