- Extension of Initiative: The Zakat, Tax and Customs Authority (ZATCA) has extended the Cancellation of Fines and Exemption of Financial Penalties Initiative until June 30, 2025, allowing taxpayers to benefit from exemptions on various penalties, including late registration, late payment, late filing of returns, and VAT return correction fines.
- Eligibility Requirements: To qualify for the initiative, taxpayers must be registered under the relevant tax law, submit all outstanding tax returns, pay any principal tax debts, and can apply for installment payment plans if necessary, as long as they do so before the deadline.
- Exclusions and Importance: The initiative excludes penalties related to tax evasion, previously paid penalties, and returns due after December 31, 2024. Its extension aims to support taxpayers, particularly SMEs, by alleviating financial burdens, encouraging compliance, and fostering a cooperative relationship between taxpayers and ZATCA.
Source Fintedu
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