Saudi Arabia Tax Agency Announces Extension of Initiative on Cancellation of Fines, Financial Penalties Exemption

The Saudi General Authority of Zakat and Tax Dec. 29, 2024, announced the Minister of Finance’s decision to extend, to June 30, 2025, the Cancellation of Fines and Exemption of Financial Penalties Initiative for taxpayers subject to all tax laws. The announcement includes: 1) that the initiative provides exemptions from penalties related to late registration, late payments, and the late filing of returns, and includes waivers for VAT return correction fines, penalties for field violations regarding e-invoicing regulations, and general VAT provisions; 2) registration requirements for taxpayers; 3) that taxpayers may request an installment payment plan from the Tax Agency, ...