VAT’s UP

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

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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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