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Saudi Arabia Extends Tax Amnesty Initiative Until December 31, 2023
The Zakat, Tax and Customs Authority of Saudi Arabia (ZATCA) has announced an extension to its Fines and Penalties Initiative, which was set to expire on May 31, 2023. The new deadline is now December 31, 2023, as per a Ministerial Resolution issued on July 14, 2023.
Overview of the Initiative
The initiative aims to provide relief to taxpayers who have failed to comply with tax laws and regulations in Saudi Arabia. It applies to penalties related to:
- Corporate Income Tax (CIT)
- Withholding Tax (WHT)
- Value-added Tax (VAT)
- Excise tax
- Real Estate Transaction Tax (RETT)
Eligibility and Requirements
To take advantage of this opportunity, taxpayers must meet the following mandatory requirements:
- Register their businesses with ZATCA for applicable taxes
- Submit outstanding returns along with payment of due tax liability or apply for an installment plan
Additionally, taxpayers can benefit from a waiver of late payment penalties for installments due after December 31, 2023.
Services Offered by KPMG’s Tax Team
KPMG’s Tax Team is available to support businesses in availing the benefits of this amnesty. Our services include:
- Reviewing assessments raised by ZATCA to evaluate the benefit of availing the amnesty
- Conducting a health check review for submitted tax returns
- Reviewing and submitting outstanding or amended returns, where needed
- Assisting with the submission of an installment plan with ZATCA
Contact Information
For more information, please contact our Tax Team at one of our offices:
- Riyadh Office: [insert contact information]
- Jeddah Office: [insert contact information]
- Khobar Office: [insert contact information]
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