Saudi Arabia’s Zakat, Tax, and Customs Authority (ZATCA) has issued a warning to commercial establishments, urging them to settle their value-added tax (VAT) bills before the end of the month or face fines. The authority specifically directed businesses with annual revenues exceeding SR40 million ($10.7 million) to submit their VAT statements for October by November 30. Failure to adhere to this deadline may result in fines ranging from a minimum of 5% to a maximum of 25% of the owed tax value. ZATCA emphasized the importance of using its official website or smartphone application for submissions to avoid penalties. VAT is an indirect tax applied to most goods and services in Saudi Arabia, with certain exceptions. Businesses seeking additional information on VAT were advised to contact ZATCA through various communication channels provided by the authority.
