Saudi enterprises urged to adhere to tax payment schedule

Updated 24 January 2018
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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.


Riyadh book fair hears lecture on Bahrain culture industry

Updated 25 min 29 sec ago
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Riyadh book fair hears lecture on Bahrain culture industry

  • Professor Diaa Al-Kaabi presented a survey of all aspects of Bahraini culture, from the early 19th century until the present day
  • She also highlighted the role of prominent Saudis in the founding of major cultural institutions in Bahrain

RIYADH: Riyadh International Book Fair on Wednesday hosted Dr. Diaa Al-Kaabi, who gave a lecture on the role of culture in Bahrain, the Saudi Press Agency reported.

The academic, who is a professor at the University of Bahrain, highlighted the role of prominent Saudis in the founding of major cultural institutions in Bahrain. She named Muqbel Al-Zukair, and the families of Al-Gosaibi, Al-Bassam, Al-Ajaji, Al-Mashari and others, as pioneers.
She also mentioned the cultural agreement that was signed in 1974 between the Kingdom and Bahrain as the first such agreement signed between the two Gulf states.
Al-Kaabi presented a survey of all aspects of Bahraini culture, from the early 19th century until the present day. She highlighted major trends in Bahrain’s cultural industry, and the role of societies, theaters and universities, as well as state institutions, in promoting the nation’s culture to an international audience.
She addressed the beginnings of the cultural movement under Sheikh Issa bin Ali, which she considered as the founding of the country’s cultural consciousness. 
It heralded the age of enlightenment in Bahrain, which was part of the modern Arab Renaissance starting from the early nineteenth century, she said.
Al-Kaabi concluded her lecture by stressing that culture, if nurtured, could be a pillar of economic development as it provided many job opportunities and its revenues were high. 
Bahrain is the guest of honor at the fair, which runs until March 23.
A Bahraini pavilion will host 13 cultural events including poetry nights, seminars and children’s programs over the course of the fair. In total, more than 900 global publishing houses are set to participate, with 500,000 books and publications on display, and up to a million visitors expected to attend.