By Innovation-sa on May 30, 2018 in News

The General Authority of Zakat and Tax (GAZT) urged value-added tax (VAT) registered companies and entities whose annual value of taxable goods and services exceed SR40 million to file their tax declaration for the month of April by May 31, 2018.

Meanwhile, enterprises whose supplies of taxable goods and services total SR40 million or less are required to file their tax declarations every three months.

A fine of 5 to 25 percent of the tax amount will be imposed on businesses and enterprises that fail to submit their declaration within the specified time, in addition to a fine for the delayed payment of tax due, which is equivalent to 5 percent of the value of the unpaid tax per month or part of the tax that was not paid.