JEDDAH: Saudi enterprises registered for value-added tax (VAT) and with supplies of goods and services exceeding SR40 million ($10.7 million) annually should file their tax returns on a monthly basis, the General Authority for Zakat and Tax (GAZT) has said.
Under VAT law and implementing regulations, enterprises in this category must file their January tax returns before the end of February 2018. Enterprises whose supplies of goods and services total SR40 million or less are required to file tax returns every three months. The first tax returns for this latter category are due no later than the end of April.
VAT implementing regulations require the taxable person, or whoever is authorized to act on their behalf, to file returns no later than the last day in the month following the end of the tax period to which it relates.
GAZT said that failure to file a return within the required period would result in a fine equal to no less than 5 percent and no more than 25 percent of the tax amount the enterprise was obliged to file. Enterprises at fault would also face a late-payment fine equal to 5 percent of the tax amount due for every month or part thereof for which the tax went unpaid, as well as suspension of several government services.
Enterprises must adhere to the tax return form specified by the GAZT. The form includes two sections, the first for tax due on revenues (output tax) and the second for tax due on purchases (input tax).
After filing their returns, enterprises will be issued a tax invoice by the GAZT detailing the invoice number and amount to pay.
Once the invoice is issued, the tax due must be paid to GAZT’s bank account via the SADAD online payment portal or any ATM. Once payment is made, the enterprise will receive a notice from the GAZT confirming the payment.
Saudi enterprises urged to adhere to tax payment schedule
Saudi enterprises urged to adhere to tax payment schedule
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Celestial spectacle in KSA’s north on first day of Ramadan
- Venus-crescent moon alignment visible in Northern Borders
- Meteorology center issuing swift weather alerts for pilgrims
ARAR/JEDDAH: The holy month of Ramadan has commenced in the Kingdom with a striking astronomical display in the Northern Borders Region, setting a serene tone for the month, the Saudi Press Agency reported.
In addition, the National Center for Meteorology has confirmed its readiness to support pilgrims in Makkah and Madinah.
On Tuesday evening in Arar there was a rare alignment of the planet Venus with the slender crescent moon marking the first day of Ramadan.
Appearing shortly after sunset, the crescent shimmered low on the western horizon above Venus — one of the brightest celestial bodies — in a display enhanced by clear skies.
While the conjunction is a recurring astronomical phenomenon caused by the apparent proximity of the two bodies as viewed from Earth, its coincidence with the start of the holy month added a special aesthetic and spiritual dimension to the atmosphere in the north, the SPA said.
Meanwhile, as the faithful began fasting, the NMC announced the readiness of its observatories at the Kingdom’s airports to manage increased flight traffic and ensure aviation safety.
The NCM’s CEO Dr. Ayman bin Salem Ghulam said there would be round-the-clock weather monitoring for Makkah, Madinah, and the roads leading to the two holy mosques.
To ensure pilgrims have real-time access to information, the NCM has integrated its data with the Nusuk and Tawakkalna smart applications. Ten-day forecasts and alerts will also be available via the Anwaa app and on guidance boards along highways.
The center has 14 media platforms to deliver swift weather alerts, ensuring high standards of security and logistical support throughout the season, the SPA reported.
