The General Authority for Zakat and Income Tax has set the deadline for filing tax returns for the month of April as the end of this May, for companies whose annual supplies of taxable goods and services exceed 40 million riyals.
The Authority indicated that establishments have the right to correct their tax returns that they had previously submitted for a previous tax period, in accordance with the provisions of the executive regulations of the tax system, provided that they notify the Authority of this within a period not exceeding twenty days from the date of submitting the return.
In accordance with the Value Added Tax system and its executive regulations, establishments whose supplies exceed 40 million riyals must submit their returns monthly, no later than the last day following the end of the tax period related to the return. Establishments whose supplies are 40 million riyals or less must submit their tax return every 3 months.
The General Authority for Zakat and Income confirmed in a statement that the penalty for not submitting the tax return within the specified period is no less than 5% and no more than 25% of the value of the tax that the establishment was required to declare, in addition to the penalty for late payment of the tax due, which is equivalent to 5% of the value of the unpaid tax for each month or part thereof for which the tax was not paid.
The authority clarified that establishments can change the period for submitting their tax returns, from monthly to quarterly and vice versa, in case of an error in recording annual financial data, through the establishment's account on the authority's electronic portal. (gazt.gov.sa)
