Saudi Arabia – Update 18th Aug.
Saudi Arabia – Extension in timeline for tax amnesty
In a continued effort to mitigate the impact of the COVID-19 pandemic on the economic activities for the private sector, the General Authority of Zakat and Tax (‘GAZT’) has extended some of the fiscal stimulus initiatives launched earlier through Ministerial Resolution No.3430 dated 5/08/1441AH corresponding to 29 March 2020. The extended measures include:
- Temporary waiver from imposition of penalties
- Extending the support for installments plans
- Deferral of VAT payments on imports
- Accelerating process of refund requests
- No suspension/seizure of funds
The amnesty period launched initially from 18 March 2020 to 30 June 2020 has been extended until 30 September, 2020 except for implementation of suspension/seizure procedures which is extended till 31 August 2020.
Source – Pwc