Riyadh, February 20, 2024, The Zakat, Tax, and Customs Authority (ZATCA) has extended an invitation to businesses falling under the ambit of value-added tax (VAT) regulations, particularly those with annual supplies surpassing SAR40 million. These entities are mandated to submit their VAT returns for the previous January no later than February 29 of the current year. ZATCA underscores the importance of timely submission and emphasizes utilizing the official website zatca.gov.sa or the dedicated ZATCA smartphone application for this purpose.
The primary objective behind this prompt action is to circumvent potential penalties associated with delayed submissions, which can range from 5% to 25% of the declared VAT returns. In its efforts to facilitate compliance and offer guidance, ZATCA encourages businesses to leverage various communication channels, including the round-the-clock unified call center (19993), the "Ask Zakat, Tax, and Customs" account on the (X) platform (@Zatca_Care), email correspondence ([email protected]), or the instant messaging feature available on ZATCA's website (zatca.gov.sa).
Furthermore, ZATCA reaffirms the prevalence of VAT as an integral part of the tax framework in the Kingdom of Saudi Arabia, where it serves as an indirect tax levied on all goods and services transacted by entities, with some exceptions.
