SAUDI ARABIA

ZATCA: Compliance with tax regulations enhances fair competition and boosts Saudi Arabia’s economic appeal

August 21, 2024
ZATCA officials conduct daily inspection and follow-up operations to monitor the tax situation and prevent tax evasion.
ZATCA officials conduct daily inspection and follow-up operations to monitor the tax situation and prevent tax evasion.

Saudi Gazette report

RIYADH Zakat, Tax and Customs Authority (ZATCA) Spokesman Hamoud Al-Harbi emphasized the authority’s commitment to creating an attractive environment for traders and investors in various business sectors in the Kingdom through ensuring fair market competition and compelling taxpayers to comply all zakat, tax, and customs regulations.

Al-Harbi said taxpayers’ compliance with regulations is bound to lead to an increase in business activities, in line with the goals of the Kingdom’s Vision 2030, contributing to the growth of the national economy and its diversification. He urged individuals to take advantage of the services and 130 guiding principles provided by ZATCA through its website, which helps educate taxpayers on the authority’s procedures and services.

Al-Harbi stressed that ZATCA officials conduct daily inspection and follow-up operations to monitor the tax situation and prevent tax evasion. Tax-evasion cases are dealt with through the rules, procedures and penalties stipulated in the value added tax (VAT) and Selective Tax mechanisms.

Moreover, the authority may decide to make public decisions to penalize tax evaders, for accountability and to discourage such practice, ultimately improving the national economy.

Al-Harbi highlighted the need to combat tax evasion, and the practice of submitting incorrect data, and fabricating or modifying invoices.

Similarly, importing, producing, or possessing goods without proper registration is a form of selective tax evasion, he said, urging taxpayers to cooperate with the authority and disclose accurate information voluntarily, to ensure fairness.

Al-Harbi called on the public to report cases of tax evasion. The authority provides rewards, at the highest 2.5 percent of the value of violations and fines, with a maximum of SR1 million and a minimum of SR1,000, to those who report violations proven valid.

ZATCA may be contacted for inquiries at the unified call center number 19993, which operates 24/7, via email info@zatca.gov.sa, @Zatca_Care@ at X platform, or instant chats through the authority's website.


August 21, 2024
415 views
HIGHLIGHTS
SAUDI ARABIA
4 hours ago

Alkhorayef holds bilateral meetings with Canadian business leaders to enhance industrial and mining cooperation

SAUDI ARABIA
8 hours ago

Foreign ministers of GCC and Iran meet to address escalating tensions in the region  

SAUDI ARABIA
10 hours ago

Saudi Aramco completes $3 billion dollar-denominated international sukuk offering