RIYADH: The General Authority for Zakat and Income Tax (GAZT) has urged Saudi companies and entities registered in the VAT with annual turnovers of taxable goods and services exceeding SR40 million ($10.5 million) to submit their tax returns through their accounts on its website www.gazt.gov.sa.GAZT said declarations for the month of August were due by the end of September.The authority announced that companies had 20 days’ grace from the date of their tax declaration to report any errors to the authorities.In case of an error in the registration of the annual financial data, companies have the right to change the period of the submission of annual tax returns from monthly to quarterly declarations and vice versa, through their account on the website.The authority said that firms failing to meet the deadline will be subject to a fine of between 5 and 25 percent of the value of tax they were due to pay.This is in addition to a fine for the delayed payment of tax due, which is equivalent to 5 percent of the value of the unpaid tax per month or part of the tax that was unpaid.
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