The Zakat, Tax and Customs Authority (ZATCA) has called on businesses liable for value-added tax (VAT) to submit their tax statements by October 31. Commercial establishments with annual revenues exceeding SAR 40 million must file VAT statements for September, while those with revenues below SAR 40 million must submit statements for the third quarter of 2024.
ZATCA reminded businesses to file their VAT returns via the zatca.gov.sa website or the ZATCA smartphone app to avoid fines ranging from 5% to 25% of the owed tax amount.
VAT is an indirect tax applied to most goods and services, with certain exceptions.