Published Date : September 29, 2017
Categories : Accounting
If you conduct business in Saudi Arabia, knowing the following information never hurts:
According to new law, Bloomberg reports following penalties under the VAT law:
The law lists a series of penalties for non-registration or non-payment.
Failure to apply for registration before the deadline carries a fine of 10,000 riyals (Art. 41);
Failure to submit a tax return within the specified period can be fined up to 25 percent of the tax due (Art. 42(1));
Failure to pay the tax due by the deadline will be fined at a rate of 5 percent per month (Art. 43);
A non-registered person who issues a tax invoice can be fined up to 100,000 riyals (Art. 44);
Failing to keep proper records or hiding them from the authorities can be fined up to 50,000 riyals (Art. 45).
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