GAZT sets Thursday deadline for VAT filings for April

The General Authority of Zakat and Tax (GAZT) has called on entities and companies registered with the value-added tax (VAT) scheme to file their tax declaration for April by Thursday, Arab News reported.

The authority set end of May as the deadline for companies and entities whose annual value of taxable goods and services exceed SAR 40 million, said the Saudi Press Agency.

Establishments with annual values of taxable goods and services at less than SAR 40 million should file their tax declarations every three months.

The authority said those who fail to submit their declaration during the specified period will be fined a minimum of 5 percent and a maximum of 25 percent of the value of tax that entity was due to pay.

The penalty is in addition to a fine for the delayed payment of tax due, which is equivalent to 5 percent of the value of the unpaid tax per month or part of the tax that was not paid.