- The Saudi General Authority of Zakat and Tax announced on December 29, 2024, the extension of the Cancellation of Fines and Exemption of Financial Penalties Initiative until June 30, 2025
- The initiative offers exemptions from penalties for late registration, late payments, and late filing of returns
- It also includes waivers for VAT return correction fines and penalties for field violations related to e-invoicing and general VAT rules
- Taxpayers need to meet certain registration requirements
- Taxpayers can apply for an installment payment plan, which must be requested during the initiative period and paid by the specified due dates
- The initiative does not apply to penalties for tax evasion, penalties paid before the initiative started, or penalties for returns due after December 31, 2024
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
