Saudi companies urged to file VAT returns by month-end

The Saudi General Authority of Zakat and Tax have urged companies and entities registered for value added tax (VAT) to file their tax declaration for April by May 31, 2018.

According to local reports, companies that have taxable goods and services valued above SAR40m annually, must file their tax declarations monthly. Companies whose annual value of taxable goods and service is below SAR40m are required to file tax declarations every three months.

The Saudi tax authority have warned that companies that fail to submit their tax declarations on time will face fines of 5 to 25 percent of the tax that was due. Additionally, the penalty for not paying tax in any given month will be 5 percent of the unpaid tax.

 

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