Saudi Arabia Issues Tax Update

Saudi Arabia has urged taxpayers to take advantage of a waiver on fines and penalties before June 30.

The Zakat, Tax, and Customs Authority (ZATCA) has called on all taxpayers subject to tax regulations to take advantage of the Cancellation of Fines and Exemption of Penalties Initiative, which is set to end on June 30.

The authority noted that the initiative includes exemptions from penalties related to late registration in all tax systems, late payment, and late filing of tax returns, in addition to VAT return correction penalties and violations related to field audits concerning e-invoicing regulations and other general provisions of the VAT Law.

Saudi tax fines

To benefit from the initiative, taxpayers must be registered in the tax system, submit all due tax returns to ZATCA, and pay the full principal amount of the tax debt related to those returns.

Taxpayers may also request instalment plans, provided the request is submitted within the initiative period and that all instalments are paid on time according to the plan approved by the authority.

The initiative does not cover penalties related to tax evasion or penalties already paid before the initiative’s effective date.

The authority also urged taxpayers to review the simplified guidelines available on its official website, which explain in detail the key points of the extended initiative, including the types of fines covered, exemption conditions, steps for requesting instalment payments, and examples of field violations included in the initiative.

ZATCA called on all Saudi taxpayers to make use of the extended initiative within the specified period ending on June 30.

For inquiries, taxpayers can contact the authority through:

Follow us on

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube page, which is updated daily.
RECENT NEWS

US Federal Reserve Poised To Cut Rates As Gulf Economies Brace For Ripple Effects

Gulf investors brace for a near-certain US rate cut, with UAE borrowing costs set to fall and cash shifting into stocks... Read more

Money20/20 Middle East: Saudi Stock Market Value Surges To $2.67trn, CMA Chief Says

Saudi Arabia’s stock market approaching SR10tn ($2.67tn) in value as the CMA hosts Money20/20 Middle East Read more

HSBC Cashes In On Record HNWI Influx To UAE With Launch Of First Middle East Wealth Centre

HSBC has been expanding similar wealth hubs in China, Hong Kong, the UK, and more to serve clients who need multi-juris... Read more

Saudi Arabia Launches Google Pay

Saudi Central Bank launches Google Pay via mada, advancing Vision 2030 goals to boost digital payments, reduce cash rel... Read more

Next UAE Holiday Dates, Emirates ID Update, Dubai Tourism Boom And Real Estate Tax Analysis – 10 Things You Missed This Week

Catch up on the UAE’s biggest news this week — from new holidays and Emirates ID updates to Dubai tourism growth, r... Read more

UAE Credit Score: What Really Affects It? Experts Weigh In

Discover the hidden factors that could be silently destroying your UAE credit score – and the simple steps that could... Read more