Saudi enterprises urged to adhere to tax payment schedule

Updated 24 January 2018

Saudi enterprises urged to adhere to tax payment schedule

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.

Middle East's love affair with the moon and space

Updated 23 min 35 sec ago

Middle East's love affair with the moon and space

  • The UAE and Saudi Arabia are inaugurating a new era of Arab space exploration
  • Saudi Prince Sultan entered the history books when he journeyed into space on Discovery in 1985

RIYADH: It was a sleepy afternoon in Saudi Arabia, just days before schools were due to start after summer vacation. 

Fifty years ago today, Saudis joined the world in gathering around TV sets to watch a live broadcast of what was once thought impossible: American astronauts Neil Armstrong and Buzz Aldrin took man’s first steps on the moon. 

Armstrong famously said: “That’s one small step for man, one giant leap for mankind.” True to his words, advancement in space has skyrocketed since the Apollo 11 mission, opening up doors for space scientists to reach for the stars.

It was only 16 years later that Saudi Prince Sultan bin Salman became the first Arab, Muslim — and royal — astronaut to travel into space. Before traveling to Houston for the Apollo mission anniversary, he sat down with Arab News in an exclusive interview to talk about his NASA mission aboard the space shuttle Discovery in June 1985.

Prince Sultan, recently appointed chairman of the Saudi Space Commission, was only 13 when he watched the historic moon landing on TV. The picture quality might have been poor and the sound garbled, but footage of the landing captured his imagination.

“Humans made airplanes and made advances in industry, but for humans to leave their own planet, that’s really something else,” Prince Sultan told Arab News. 

Most Saudis and residents living in the Kingdom watched it on Saudi channels 1 and 3, owned by Saudi Aramco.

Hessah Al-Sobaie, a housewife from Al-Dawadmi, recalled watching the moon landing from her grandparents’ backyard as an 11-year-old. “It felt weird watching a human walk on the moon,” she told Arab News. “I remember the endless questions I asked as a child.”

It has been more than 30 years since space last had an Arab visitor (Syria’s Muhammed Faris became the second Arab in space on board USSR’s Soyuz spacecraft in 1987). But this September, the first Emirati will become the latest Arab visitor when he joins a team of astronauts at the International Space Station (ISS).

Hazza Al-Mansoori will travel to space on board a Soyuz-MS 15 spacecraft that is due to take off from the Baikonur Cosmodrome in Kazakhstan on Sept. 25.