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.


Saudi Arabia prepares hundreds of mosques for Eid Al-Adha prayer

Updated 18 August 2018
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Saudi Arabia prepares hundreds of mosques for Eid Al-Adha prayer

DUBAI: Nearly 470 mosques have been prepared for the Eid Al-Adha prayer, Saudi Arabia’s Ministry of Islamic Affairs, Daawah and Guidance in Madinah announced

Sheikh Fahad bin Sulaiman al-Tuwaijri,  Director-General of the ministry in Madinah, said that 469 mosques and places of prayer had been equipped, both in Madinah and elsewhere.

The Eid Al-Adha prayer will be at 6:13a.m., state news agency SPA reported.