Arabian Business, 9 October 2023: Saudi Arabia’s Zakat, Tax and Customs Authority has urged individuals and businesses to take advantage of a tax fine exemption scheme.
The Kingdom’s Finance Ministry announced it had published a guide to an initiative to apply for the exemption of fines before the end of this year in September this year.
The initiative aims to mitigate the financial implications arising from COVID-19 that affected companies.
It discusses the exemption from fines resulting from late registration in all tax laws and regulations.
It includes the exemption from delayed payment fines and overdue tax return submission and exemption from the VAT return correction penalty.
However, the conditions for taxpayers who could benefit from the initiative still apply.
The seven-month initiative was launched on 1 June 2023 and ends on 31 December 2023.
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