SAUDI ARABIA

Fake VAT invoices to result in $26,642 fine in Saudi Arabia

General Authority of Zakat and Tax called all companies to register for VAT before Jan. 1
Companies which issue Value Added Tax (VAT) invoices without registering in the VAT system will be fined a maximum amount of SR100,000, the General Authority of Zakat and Tax (GAZT) announced on Sunday.

Companies with an annual revenue of more than SR1 million which have not yet registered for VAT will be fined SR10,000.

GAZT called on all companies to register before Jan. 1 when VAT will be implemented in the Kingdom.

Those who fail to register before Jan. 1 will also face other penalties related to non-abidance by tax declaration and payment of VAT.

VAT payment avoidance will result in 5% fine of the VAT value that has not been paid for each or part of the month.

Non-declaration of VAT during the specified period will result in a minimum fine of 5% and a maximum of 25% of the tax value which should have been declared.

The companies which fail to comply with VAT regulations will be deprived of many government services.

GAZT urged companies to submit the required documents related to VAT.

The should confirm the accuracy of the data presented. Submitting inaccurate data with the intention of VAT evasion will result in stiff penalties against the violator.

These include a minimum fine on the required tax value. The fine should not exceed thrice the value of the commodity or services for which tax evasion was made.
 
 
 
 
 
 
 

© Copyright 2017 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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