Arabian Business, 3 December 2023: Saudi Arabia’s Zakat, Tax and Customs Authority has issued a tax warning about unpaid taxes.

The Authority had warned businesses to pay unpaid taxes before the end of the year or face being fined.

They have urged affected entities to take advantage of the Cancellation of Fines and Exemption of Financial Penalties Initiative, which ends on 31 December 2023.

Under the Initiative, taxpayers will be exempt from paying fines for late registration, delayed payments, overdue tax return filings, VAT return adjustments and violations of e-invoicing and general VAT provisions.

To be eligible for the Initiative, taxpayers must be registered, file all tax returns with the Authority and settle all outstanding tax returns.

Taxes owed may be paid in instalments if a request is submitted to the Authority by 31 December and outstanding amounts paid within the timeframe specified by the Authority.

Fines for tax evasion and fines paid before the effective date of the Initiative are not eligible.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.