Saudi “Zakat”: 881 tax violations seized and market inspections continued

Saudi “Zakat”: 881 tax violations seized and market inspections continued
Saudi “Zakat”: 881 tax violations seized and market inspections continued
Riyadh – Mubasher: The General Authority for Zakat and Income revealed that it has seized 881 violations of the provisions of tax regulations in the Kingdom, during 3688 inspection visits carried out by the Authority in various Saudi cities and governorates, as part of its inspection campaigns on markets and shops.

The authority clarified, in a statement, that the inspection visits covered several commercial sectors, on top of which are retail, general trade, and dates, as most of the detected violations ranged between not collecting a tax, collecting a tax by an unregistered firm, and the absence of tax stamps on tobacco products..

The Zakat and Income Authority indicated that a large part of the violations seized were thanks to consumers’ reports received by the Authority, after 383 reports were received by the Authority’s Supervision and Inspection Department in the same period..

The General Authority for Zakat and Income renewed its call for owners of commercial establishments to adhere to the application of the 15% value-added tax, confirming the continuation of its inspection visits to markets and shops. To ensure that the taxpayers abide by the provisions of tax regulations in the Kingdom.

Zakat called on consumers to report any establishment that did not apply 15% value-added tax, pointing out that it offers incentives for those reporting tax breaches of 2.5% of the value of violations and fines, with a maximum of one million riyals or a minimum of 1,000 riyals..

The value-added tax is an indirect tax that is imposed on all goods and services that are bought and sold by establishments, with some exceptions..

Value-added tax (VAT) is applied in more than 160 countries around the world, and it is a major source of income that contributes to strengthening countries’ budgets.

Saudi Arabia raised the rate of applying value-added tax from 5% to 15% in early July 2020.

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