ZATCA Wins Award for Managing ‘Supplier Relations’ during the 2024 CIPS Awards

Riyadh May 19 2024:

​The Zakat, Tax and Customs Authority won the award for the best initiative in managing supplier relationships in the Middle East and North Africa, during the ‘CIPs MENA’ conference for procurement and supply chains, which was hosted by the Spending Efficiency and Government Projects Authority in Riyadh. The Authority won the award in the ‘Supplier Relationship Management’ category for its initiative of creating a portal that enables its suppliers to complete all the requirements of the contractual relationship with the Authority electronically through the portal, which contributes to improving the efficiency and effectiveness of procurement processes.

The award was presented in the presence of an elite group of specialists and decision makers in the field of procurement and supply chains in the government and private sectors, and technical systems companies specialized in this field.

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UAE Muwafaq Package Reports 4.5% Increase in Registration

Abu Dhabi May 16 2024:

The Federal Tax Authority (FTA) reported a notable increase in the number of registrants benefiting from the diverse services, incentives, and privileges provided by the Muwafaq Package, which was launched to facilitate business operations and tax compliance for the small and medium-sized enterprises (SMEs) sector, indicating significant positive results for the Package in its first year.

The Authority revealed that the number of subscribers to the Muwafaq Package from the SMEs sector increased to nearly 54,000 by the end of 2023, marking a 4.5% growth from the 51,660 beneficiaries it had at its launch in March 2023. The FTA also indicated that outgoing calls from the Authority to Muwafaq Package subscribers over the past year amounted to 43,990, while the Muwafaq platform recorded 1,660 visits and 6,400 clicks, with 142 appointments being booked through the platform.

The FTA clarified that these indicators highlight a significant interest in the Muwafaq Package from stakeholders in the tax sector, with the platform reporting a 96% satisfaction rate among users. The Authority posted five videos on its Instagram page to introduce the Package, which recorded over 1.23 million views.

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FTA Announces Companies in the UAE must be Tax Complaint by May 2024 or Risk AED 10000 Penalty

Abu Dhabi May 13 2024:

Tax payers are reminded that Corporate Tax Registration is Mandatory regardless of VAT registration status, turnover threshold, geographical presence (Mainland or Free Zone), or financial performance (profit/loss) in the UAE. The deadline for registration is May 31, 2024 depending on the trade license issue date. If you miss the deadline, you could be facing an AED 10,000 ($2700.00) fine.

The tax are based on the date their licence was issued. According to the tax authority, if a person has a licence issued in January or February (irrespective of the year), such person shall submit a tax registration application by May 31, 2024. In case a person does not have a licence on March 1, 2024, such a person shall have three months to submit a tax registration application until May 31, 2024.

CorporateTax Deadline

ZATCA Carried Out More Than 15000 Inspection Visits During April

Riyadh May 11 2024:

The Zakat, Tax and Customs Authority carried out more than 15000 inspection visits during the month of April, to markets and shops in various regions and cities of the Kingdom.

The Authority explained that the visits carried out by its supervisory and inspection teams in cooperation with the National Program to Combat Commercial Concealment included a number of commercial sectors, most notably: Retail, Gold, and Commercial Complexes.

The Authority indicated that the most prominent violations monitored by the supervisory teams were:

  • Not including a quick response code in the electronic invoice.
  • Not having tax stamps.
  • Not issuing electronic debit or credit notices, in addition to the violation of not issuing an electronic tax invoic

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ZATCA Invites Establishments Subject to the Selective Goods Tax to Submit Returns for March and April

Riyadh May 09 2024:

Selective goods tax is one of the tax systems in force in the Kingdom, which is imposed on goods that have negative effects on public health or the environment in varying proportions, and includes soft drinks, energy drinks, sweetened drinks, tobacco and its deravitives.

The Authority urged establishments to quickly submit their returns through the website ( zatca.gov.sa ), to avoid a fine for late submission of the return within the specified period, at the rate of 5% of the value of the tax that should have been declared for every 30 days of delay in submitting the return.

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UAE FTA Carries Out 39,470 Inspection Visits in 2023

Abu Dhabi May 05 2024:

The Federal Tax Authority (FTA) has intensified its supervisory efforts, in collaboration with various relevant entities, in a bid to protect consumer rights, combat tax evasion, and enhance tax compliance.

In 2023, the Authority carried out 39,470 inspection visits through 211 campaigns in local markets across all emirates of the UAE, marking an annual increase of 80.71% in the number of visits, as well as an 86.73% growth in the number of campaigns conducted, compared to 2022, which saw the FTA carry out 21,840 field visits through 113 inspection campaigns.

The Authority asserted that these campaigns form part of its plans to enhance market control by intensifying inspection visits to markets across the country, in order to ensure compliance with tax laws, legislation, and procedures, in addition to combating commercial fraud and preventing the sale of sub-standard or counterfeit products that negatively affect quality of life.

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MBR Holds a Workshop on Compliance with Value-added Invoice Requirement

Manama May 01 2024:

The National Bureau of Revenue organized a workshop on compliance with the requirements of value-added invoices, which comes as part of the agency’s efforts to promote awareness-raising about everything related to value-added and the mechanisms that must be applied when issuing value-added invoices.

This workshop comes within the framework of the Agency’s keenness to achieve the maximum levels of effectiveness in everything related to the application of value added, and its constant interest in continuing to enhance awareness among all relevant parties. The workshop received fruitful interaction with the attendance of 159 participants from those subject to value added, and included a number of different topics.

The Authority indicated that it continues to organize workshops periodically to spread awareness and provide the necessary support to those subject to it, calling on those wishing to join to fill out the registration form available on the National Bureau of Revenue website.

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Saudi Arabia Calls On taxpayers to submit VAT Returns or Face Fines

Riyadh April 24 2024:

Saudi Arabia has issued a VAT reminder to taxpayers, telling them to submit returns or face fines in the Kingdom.

The Zakat, Tax, and Customs Authority (ZATCA) has issued a reminder to all enterprises subject to value-added tax (VAT) with annual supplies exceeding SR 40m ($10.7m) to submit their VAT returns for the month of March. Additionally, enterprises with annual supplies below SR 40m ($10.7m) are urged to file their VAT returns for the first quarter of 2024 by April 30.

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ZATCA Carried More Than 13,000 Inspection Visits in March

Riyadh April 17 2024:

The Zakat, Tax and Customs Authority (ZATCA) carried out more than 13,000 inspection visits during the month of March 2024 to markets and shops in various regions and cities of the Kingdom.

The Authority explained that the visits carried out by its supervisory and inspection teams in cooperation with the National Program to Combat Commercial Concealment included a number of commercial sectors, most notably: retail, tobacco, the nutrition sector, and car sales. The Authority indicated that the most prominent violations monitored by the supervisory teams were: not including a quick response code in the electronic invoice, not having tax stamps, not issuing electronic debit or credit notices, in addition to the violation of not issuing an electronic tax invoice.

The Authority stated that these visits aim to enhance the level of compliance with the provisions of the tax systems in force in the Kingdom, among taxpayers from the business sector, and to limit commercial transactions that violate the instructions and controls that fall within the authority’s jurisdiction.

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ZATCA: April 29 The Last Date for submitting Zakat Returns & Income Tax Returns

Riyadh April 16 2024:

The Zakat, Tax and Customs Authority clarified that the last date for submitting zakat returns for establishments and income tax returns for foreign establishments is April 29, 2024 AD, for the fiscal year ending on December 31, 2023 AD .

The Authority explained that this comes in implementation of Article 60 of the Income Tax Law for Foreign Companies, which includes “the obligation to submit the tax return within one hundred and twenty days from the end of the tax year that the return represents,” and in accordance with the text of Article 17 of the Executive Regulations for Zakat Collection, that every taxpayer must submit the return and its attachments and pay Zakat according to the forms and procedures of the Authority, within a period not exceeding (120) days from the end of the zakat year, and if the end of this period falls on an official holiday, it extends to the first working day thereafter.

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