Zakat, Tax, and Customs Authority Emphasizes Tax Compliance to Strengthen Saudi Economy

KSA, 30 August, 2024 : The Zakat, Tax, and Customs Authority, represented by its spokesman Mr. Hamoud Al-Harbi, emphasized the importance of tax compliance in creating a fair competitive market and enhancing Saudi Arabia's economic appeal. He noted that the Authority is committed to fostering an attractive environment for traders and investors by ensuring adherence to zakat, tax, and customs regulations.

Al-Harbi stated that compliance with these regulations encourages business expansion and contributes to the Kingdom's economic diversification, aligning with Saudi Vision 2030. The Authority provides over 130 guidance documents on its website to help taxpayers understand the procedures and services related to zakat, tax, and customs.

The Authority is vigilant in detecting and addressing tax evasion, with regulatory actions and penalties in place for offenders. Al-Harbi highlighted the need to combat VAT evasion, particularly through inaccurate reporting or the manipulation of invoices. He also underscored the importance of voluntary disclosure by taxpayers to ensure tax fairness.

To encourage public participation, the Authority offers rewards of up to 2.5% of the value of reported violations, with a maximum of one million riyals, for those who report tax evasion.

Source : www.zatca.gov.sa