Latest News Updates
KSA Extends Penalty Waiver for all Taxes until May 2023
Riyadh December 19, 2022:
The Zakat, Tax and Customs Authority (ZATCA) as part of its efforts to mitigate the effect of the coronavirus (COVID-19) pandemic again extended the amnesty initiative that waives penalties on all taxes for another 6 months, until the end of May 2023 (previously set to close 30 November 2022).
The authority pointed out that extending the initiative would enable taxpayers to benefit from the initiative and its goals, and alleviate economic burdens arising from the COVID-19 pandemic on businesses.
Highlights of the decision include:
- The extended tax amnesty covers the period from 1 December 2022 to 31 May 2023.
The amnesty initiative applies to fines and penalties relating to the following taxes:
- Value-added tax
- Withholding tax
- Excise tax
- Corporate income tax
- Real estate transaction tax
For any additional information with respect to this alert, please get in touch with our tax experts.