2023-12-31 16:42:49
RIYADH: Saudi Arabia has extended the grace period for waiving fines imposed on Value Added Tax (VAT) till June 30, 2024. In order to overcome the crisis faced by the private companies in the country following the Covid and to mitigate the financial impacts, the Zakat, Tax and Customs Authority has started the initiative to avoid financial penalties related to VAT as per the instructions of King Salman.
The period which was earlier announced to end on December 31, 2023 has been extended once more. The deadline for this initiative, which started two years ago, has been extended several times. Eligible taxpayers are allowed more time to take advantage of the initiative and achieve its goals. Penalties for delay in registration, payment of tax and submission of tax return in all tax systems and penalty for rectification of return are covered under this exemption.
The Zakat, Tax and Customs Authority said this would include penalties related to electronic invoicing and other general provisions of VAT. The authority asked all taxpayers to make maximum use of the extension.
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Rain and snow continue in Saudi Arabia
Riyadh: Widespread rain continues in Saudi Arabia. Heavy snowfall in northern region. It is raining in most parts of the country including the capital Riyadh. It has been raining extensively in the city of Riyadh since Friday morning. It was following noon. Heavy hailstorm occurred in Hail region on Thursday night.
Along with the rain, hail fell in the southern residential areas of Hail city. Good sized hailstones caused minor damage to vehicles. Heavy rains lashed the entire Makkah region and Masjid-ul-Haram on Thursday. The Weather Center has predicted that cold winds, rains and hailstorms will continue in Makkah, Qasim, Hail, Tabuk and other areas of the northern border, Madinah, Eastern Province and Riyadh.
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Last Updated Dec 31, 2023, 10:12 PM IST
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