Saudi Arabia has issued a VAT reminder to taxpayers, instructing them to submit returns or face fines within the Kingdom. The Zakat, Tax, and Customs Authority (ZATCA) has issued a reminder to all businesses subject to value-added tax (VAT) with annual supplies exceeding SR 40M ($10.7,M) to submit their VAT returns for March.
Furthermore, businesses with annual supplies below SR 40M ($10.7M) are encouraged to file their VAT returns for the first quarter of 2024 by April 30.
To avoid potential fines ranging from 5 per cent to 25 per cent of the prescribed VAT, businesses are directed to visit the Authority’s website or utilise the Authority’s smartphone application.
For further information on VAT, business taxpayers are encouraged to contact the Authority.