Saudi tax authority asks firms to file Q1 VAT returns by April-end

The General Authority of Zakat and Tax (GAZT) has urged enterprises whose supplies of goods and services total SAR 40 million or less to file their value-added tax (VAT) returns for Q1 2018 by the end of this month. 

Enterprises with supplies ranging between SAR 375,000 and SAR 1 million, which voluntarily registered in VAT, are required to file tax returns every three months, GAZT said in a statement on Sunday.

Monthly VAT returns should be filed by enterprises, whose supplies exceed SAR 40 million by the last day following the tax period.

A fine at no less than 5 percent and no more than 25 percent of the tax amount will be imposed on the enterprises that fail to file their VAT returns.

Enterprises in violation will face a late payment fine equal to 5 percent of the tax amount due for every month or part thereof, along with suspension of several government services, the statement added.

Tax invoices will be issued to enterprises by GAZT after filing their tax returns. The required tax must paid to GAZT via the SADAD online payment portal.

Corrections of previous tax returns should be submitted within 20 days maximum from the date of filing the returns.

Compliance level by enterprises with supplies exceeding SAR 40 million hits 95 percent, GAZT added.