Saudi Arabia’s General Zakat and Tax Authority says Thursday deadline for company tax declaration

The General Authority of Zakat and Tax (GAZT) called on entities and companies to file their tax declaration for the month of April by Thursday May 31. (Shutterstock)
Updated 28 May 2018
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Saudi Arabia’s General Zakat and Tax Authority says Thursday deadline for company tax declaration

JEDDAH: The General Authority of Zakat and Tax (GAZT) called on entities and companies registered with the value added tax (VAT) scheme to file their tax declaration for the month of April by Thursday May 31(corresponding to 15 Ramadan 1439H).
The authority set the end of May as the deadline for companies and entities whose annual value of taxable goods and services exceed 40 million Saudi riyals, the Saudi Press Agency said.
While establishments with annual values of taxable goods and services at less than 40 million riyals should file their tax declarations every three months.
The authority said in a statement those who fail to submit their declaration during the specified period will be fined a minimum of 5% and a maximum of 25% of the value of tax that entity was due to pay.
This is in addition to a fine for the delayed payment of tax due, which is equivalent to 5% of the value of the unpaid tax per month or part of the tax that was not paid.


Saudi crown prince signs raft of cooperation agreements with China

Crown Prince Mohammed bin Salman signs an agreement between the Kingdom and China in Beijing on Friday. (SPA)
Updated 12 min 1 sec ago
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Saudi crown prince signs raft of cooperation agreements with China

  • the crown prince headed the Saudi delegation at the third session of the China-Saudi Arabia High-Level Joint Committee

BEIJING: Crown Prince Mohammed bin Salman on Friday met with Chinese Vice Premier Han Zheng to discuss ways of further developing relations between the Kingdom and China.

The meeting took place in the grand surroundings of the Great Hall of the People in the Chinese capital Beijing. After their talks, the crown prince headed the Saudi delegation at the third session of the China-Saudi Arabia High-Level Joint Committee which he co-chaired with Zheng.

Delegates at the meeting discussed moves to strengthen cooperation between the two countries on trade, investment, energy, culture and technology, as well as the coordination of political and security matters. The committee also reviewed plans for greater integration between China’s Belt and Road development strategy and the Saudi Vision 2030 reform program.

After agreeing on the minutes of the meeting, the Saudi royal and Zheng took part in the signing of a range of agreements, memorandums of understanding (MoU), investment projects and bilateral cooperation accords between the Kingdom and China:

The cooperation agreement in maritime transport between the Chinese and Saudi governments, signed by Saudi Minister of Commerce and Investment Majid Al-Qassabi and Chinese Minister of Transport Li Xiaopeng.

MoU between the Kingdom’s Ministry of Energy, Industry and Mineral Resources and the National Development and Reform Commission in China, signed by Saudi Energy Minister Khalid Al-Falih and Ning Jizhe, vice chairman of the National Development and Reform Commission.

MoU between the Chinese Ministry of Commerce and Saudi Ministry of Commerce and Investment to form a working group to facilitate trade, signed by Abdul Rahman Al-Harbi, the Kingdom’s deputy minister of commerce and investment, and Qian Keming, Chinese vice minister of commerce.

Loan agreement between the Saudi Fund for Development (SFD) and the Chinese Ministry of Finance to build and equip three hospitals in Yanbian city in Jilin Province, signed by Saudi Minister of State for Foreign Affairs Adel Al-Jubeir and the Chinese deputy finance minister.

Rehabilitation

Loan agreement between the SFD and Chinese Ministry of Finance to reconstruct and rehabilitate areas affected by earthquakes in Sichuan Province, signed by Al-Jubeir and the Chinese deputy finance minister.

Agreement between the Saudi Ministry of Interior and the Chinese Ministry of Public Security to cooperate in fighting cybercrime, signed Nasser Al-Dawood, undersecretary of the Saudi Ministry of Interior, and China’s deputy minister for public security.

MoU between the Public Investment Fund (PIF) of Saudi Arabia and China’s National Committee for energy to invest in renewable energy, signed by PIF head Yasir Al-Rumayyan, and the committee’s vice chairman.

Minutes of the meeting about cooperating in combating terrorism between the Saudi Presidency of State Security and Chinese Ministry of Public Security, signed by Lt. Gen. Abdullah Al-Qarni, deputy director-general of General Investigation for the Kingdom, and the Chinese minister.

MoU between the Saudi Authority for Intellectual Property and the Chinese National Committee for Intellectual Property Rights, signed by Dr. Abdul Aziz Al-Swailem, the authority’s executive chairman, and committee chairman Xin Xiangyu.

MoU to participate in investing in renewable energy projects, signed by the chairman of ACWA Power, Mohammed Abunayyan, and president of the Silk Road Fund, Wang Yanzhi.

Cooperation agreement for Saudi Aramco to acquire 9 percent of Chinese project Zhejiang Petrochemical, signed by Saudi Aramco CEO Amin Nasser and Xung Wi, mayor of Zhushan.

Agreement between Saudi Aramco with NORINCO Group and Panjin Sincen to develop a fully integrated refining and petrochemical complex, located in the city of Panjin in China’s Liaoning province, signed by Nasser and Tang Yijun, governor of Liaoning province and chairman of NORINCO.