Deadline Alert: Businesses Exceeding 40 Million Riyals in Annual Supplies Must Submit Tax Returns by Dec'23 End

Saudi Arabia's  Zakat, Tax, and Customs Authority (ZATCA) has issued a directive for businesses operating under the value-added tax framework. Entities with annual supplies exceeding 40 million riyals must promptly submit their November tax returns by the 31st December.

To avoid penalties ranging from 5% to 25% of the declared tax, it is strongly recommended that these establishments expedite the submission of their returns through the official website (zatca.gov.sa) or the dedicated smartphone application (ZATCA).

Non-compliance with these regulations may lead to financial implications, making strict adherence to the specified guidelines crucial.

Source: Zakat, Tax, and Customs Authority