General Authority for Zakat & Tax: April 30th deadline for filing tax returns by companies with annual revenues of SAR 40 million or less


Riyadh, 22 April 2018:

The General Authority for Zakat and Tax (GAZT) renewed its call for VAT-registered companies whose annual supplies of taxable goods and services equals SAR 40 million or less to file their tax returns for the first quarter of this year by April 30.

In a statement, GAZT urged companies to adhere to the standard tax return form issued by the Authority in order to provide clear and accurate information on the amount tax due on goods and services supplied and purchased. Accordingly, the form is divided into two separate sections, with the first detailing the tax on supplies (the output tax) and the second detailing tax on purchases (input tax).

GAZT further noted that "the fine for failing to file the tax return on time will not be less than 5% and not more than 25% of the value of the tax amount due on the company. There will also be additional penalties including a penalty for delaying payment of the tax amount due equaling 5% of the value of the unpaid tax amount for each month or part thereof ".

According to the VAT Law and Implementing Regulations, GAZT went on to say that "companies with annual supplies of SAR 40 million or less must file their tax returns every three months. Companies whose annual supplies exceed SAR 40 million are required to file their returns on a monthly basis. In either case, the returns must be filed no later than the last day of the month follows the end of the tax period to which the tax return relates.”

In the event of the occurrence of an error in the annual financial statements, companies have the option of changing their tax period from monthly to quarterly statements and vice versa through their accounts in the GAZT portal.