Exemption deadline for waiving penalties imposed on value added tax in Saudi Arabia extended. The time has been extended till June 30, 2024. The Zakat, Tax and Customs Authority has launched an initiative to avoid VAT-related financial penalties. This was as per King Salman’s directive to overcome the crisis faced by the private sector in the country due to Covid and mitigate the financial impacts.
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Penalties for delay in registration, payment of tax and submission of tax return in all tax systems and penalty for rectification of return are covered under this exemption.
The period which was earlier announced to end on December 31, 2023 has been extended again. The duration of the initiative, which started two years ago, has been extended several times. Eligible taxpayers will have more time to avail the initiative and achieve its objectives. The Authority has asked all taxpayers to take maximum advantage of the extension.
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2023-12-31 17:02:36
