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Taxpayers in Saudi Arabia have a little over three months to avoid paying tax-related fines and other financial penalties, authorities said on Tuesday.
The Zakat, Tax and Customs Authority (ZATCA) urged all those who are required to pay taxes to take advantage of the government’s “cancellation of fines and exemption of financial penalties” initiative, which expires on June 30, 2024, according to the state-owned Saudi Press Agency (SPA).
The fines and penalties are related to late registration, late payment, late submission of tax returns and incorrect VAT returns, among others.
To secure an exemption, taxpayers are advised to register with the tax system and hand over all unsubmitted returns to the authority.
They are required to pay all the principal debt associated with the outstanding tax returns. Taxpayers can settle their back debts on an instalment basis.
Requests for exemption must be submitted on or before June 30 and all due instalments must be paid by the due dates approved by the authority.
(Writing by Cleofe Maceda; editing by Seban Scaria)
