VAT’s UP

Saudi Arabia Issues Tax Warning

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Riyadh September 22 2023:

Saudi Arabia issues strict tax warning to businesses- Settle your dues or face penalties.

Deadline to submit VAT statements

Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) has called on commercial sector establishments subject to value-added tax (VAT) and whose annual revenues on goods and services exceed SR 40m ($10.7m) to submit VAT statements for August by no later than September 30.

The Authority has emphasized the critical importance of settling outstanding tax obligations promptly as failure to do so will result in hefty fines. Compliance with tax regulations is not only a legal obligation but also essential for the smooth functioning of the nation’s financial ecosystem. Businesses are strongly advised to meet the VAT statement submission deadline.

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