Saudi tax authorities caution businesses about urgent tax fines
Saudi Arabia's tax authorities are issuing a prompt directive to businesses, emphasising the immediate need to submit tax returns or face penalties. The Zakat, Tax, and Customs Authority (ZATCA) in the country is urging business taxpayers subject to withholding tax to ensure their tax returns for February are filed by March 10th.
Failure to comply could result in a fine of 1 percent for each 30-day period following the deadline.
To streamline the process and avoid penalties, taxpayers can conveniently file their returns through the authority's website. Withholding tax, a key component of the Kingdom's taxation framework, entails withholding a portion of income from non-resident entities providing services within Saudi Arabia. The rates for this tax are stipulated in Article 68 of the Income Tax Law and Article 63 of its Implementing Regulations.
For those seeking further clarification or assistance regarding withholding tax, ZATCA has provided various contact options, including phone, email, and online channels. Taxpayers can reach out to the authority through the following avenues:
- Phone: 19993
- Twitter: @Zatca_Care
- Email: [email protected]
- Website: www.zatca.gov.sa
Businesses can ensure adherence to legal requirements and minimise the risk of penalties by contacting ZATCA for complete information on compliance with tax legislation. Staying up-to-date with tax duties and deadlines is crucial for firms operating in the Kingdom in order to preserve compliance and prevent any negative financial effects.
Moreover, Saudi Arabia's tax authorities are actively reminding businesses of their responsibility to file tax returns promptly. Withholding tax plays a crucial role in the taxation landscape, and businesses must fulfil their obligations to avoid fines and penalties. ZATCA stands ready to assist taxpayers in navigating the intricacies of tax compliance, offering multiple communication channels for inquiries and support.
