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.

MiSK, Qiddiya team up for internship program 

Updated 25 March 2019

MiSK, Qiddiya team up for internship program 

  • Interns will work on entertainment mega-project
  • Program open to university seniors and new graduates

RIYADH: A new internship program for young Saudis has been launched in the Kingdom, following a partnership between Misk Foundation and the Qiddiya Investment Company (QIC).

The program runs from June 16 to Aug. 31, 2019, and provides an opportunity for university seniors and recent graduates to be part of Qiddiya, an entertainment mega-project located 40 minutes from Riyadh.

Interns will have the chance to work at Qiddiya’s corporate offices alongside professionals from around the world and will be placed across 12 departments.

They will learn and develop skills that are required to succeed in their professional lives.

They will also gain exposure to QIC’s culture and learn from executives with over 20 years of experience across several sectors. 

QIC CEO Mike Reininger said: “We are contributing directly to the Saudi Vision (2030 reform plan) by creating a richer lifestyle for Saudi citizens while spurring innovation in the creative, hospitality and entertainment sectors. This unique opportunity allows students and fresh graduates to experience what it takes to be part of the change in Saudi by giving them the chance to work alongside a group of both local and international seasoned professionals. Thanks to this partnership with MiSK, we will be training the next generation of industry leaders.” 

Application to the program is open for those with fewer than two years of professional experience. Candidates must show strong academic credentials and submit a short video as part of their application.

King Salman led the Qiddiya ground-breaking ceremony in front of a global audience last April.

The project is aimed at helping to stem the $30 billion a year which Saudis currently spend abroad on tourism, and has the backing of the Kingdom’s Public Investment Fund.

It targets local, regional and international tourists and will be Saudi Arabia’s preeminent entertainment, sports and cultural destination.

It is expected to be the world’s largest entertainment city by 2030, with a total area of 334 square kilometers, surpassing Walt Disney World in Florida, which is only 110 sq. km.