If You Don’t Complete VAT Registration By 2018 Expect Fines And Penalties Coming Your Way
While the nationwide implementation of VAT is less than a month away many businesses still remain unregistered with the VAT website.
According to Arab News companies with more than SR 1 million revenue have been given a deadline of the 20th of this month to register. Well as those companies whose revenues fall in between SR 375,000 to SR 1 million category have been given an additional year to register. They can complete their registration by 20th December 2018.
Furthermore, the registration has been made optional for businesses with annual revenues between SR 187,500 and SR 375,000.
تصدر الهيئة العامة للزكاة والدخل شهادة تسجيل ضريبية لكل منشأة تم تسجيلها في نظام ضريبة القيمة المضافة pic.twitter.com/4N3sZlsxUZ
— ضريبة القيمة المضافة (@saudivat) November 29, 2017
So what if you don’t register by the deadlines mentioned above? Well, then you can expect fines that can go up to SR 10,000.
Not only that, many government services will be suspended for that particular company such as the issuing of work permits, changing business activity, issuing visas, transferring workers’ sponsorship amongst several others.
So if you haven’t registered yet, get to it asap as you don’t want to pay those fines nor bare those penalties. The registration is a pretty simple process. You can do it on vat.gov.sa