The Kingdom has extended its program offering waivers on late tax penalties. This means businesses have more time to settle their outstanding tax dues without facing additional financial burdens.
This extension provides a welcome relief for companies navigating the current economic climate. It demonstrates the Saudi government’s commitment to supporting businesses and promoting economic growth.
Key Takeaways:
- Saudi Arabia extends its program waiving penalties on late tax payments.
- Businesses have more time to settle outstanding tax dues without additional fees.
- This initiative provides support to businesses facing economic challenges.
The Zakat, Tax, and Customs Authority (ZATCA) is encouraging all taxpayers to take advantage of the extension that is until December 31, 2024.
The exemptions cover fines for:
- Delayed registration in tax systems
- Late payments, tardy filing of returns across all tax laws
- Fines for rectifying VAT returns
- Breaches of VAT field control related to the implementation of e-invoicing regulations
- Other VAT general regulations
For details on the extended program and tax settlement procedures, be sure to consult the official government channels or reach out to your tax advisor.