Deadline Approaches for VAT Returns: ZATCA Urges Large Establishments to File by January 31

Riyadh, KSA, January 21, 2024 : In a recent announcement, the Zakat, Tax and Customs Authority (ZATCA) has issued a reminder to establishments taxable to Value Added Tax (VAT) with goods and service revenues exceeding SAR 40 million. These businesses are urged to submit their tax returns for the last December and the fourth quarter of 2023 before the looming deadline of January 31.

 ZATCA emphasized the importance of timely compliance and has called on eligible establishments to promptly file their tax returns. The authority has provided two convenient avenues for submission - through its official website (zatca.gov.sa) or using ZATCA's dedicated mobile application. Failure to adhere to the specified deadline may result in penalties.

Penalties for non-compliance range from a minimum of 5% to a maximum of 25% of the value of the tax that must be declared. ZATCA underscores the severity of these fines as a measure to ensure timely and accurate reporting within the stipulated period.

As the deadline draws near, businesses are encouraged to take swift action and fulfill their tax obligations to avoid potential financial repercussions. 

Source : https://zatca.gov.sa