Filing VAT returns in Saudi Arabia is a must-have procedure by any company towards GAZT compliance. This step-by-step guide captures the necessary things to know about VAT return filing, detailing how BMS Auditing can assist you at each step of the way.for any company seeking GAZT compliance. This step-by-step guide covers the necessary things to know about VAT return filing and details
What are VAT Returns?
A VAT return is a form that reflects the self-assessment of output VAT collected on sales and input VAT paid on purchases. All registered businesses in Saudi Arabia are required to file their VAT returns using the ZATCA portal; this applies to even periods where no transaction happened.
The requirement is for nil returns, which means that in such instances, a "Nil" return must still be filed.
When to File VAT Returns
The filing frequency is determined by your annual taxable sales:
- Quarterly Filing: If your total annual sales are below 40 million SAR, you must file VAT returns every quarter.
- Filing periods:
- January to March, Deadline in April
- April to June, Deadline in July
- July to September, Deadline in October
- October to December: Deadline in January
- Monthly Filing: If your annual sales exceed 40 million SAR, you must submit VAT returns on a monthly basis. Meaning, you are required to submit 12 payments per year.
Important Deadlines
For instance, to pay returns for April to June, the period, the VAT return must have been filed by 31 July
VAT Payment Extension
If you cannot pay your VAT within the settlement period, you are permitted to request GAZT to extend the period of settlement. Your application must be replete with the following details:
- Why you are applying for a settlement extension
- Details of the tax liability
- Tax period
You will be informed in writing within three weeks whether your extension has been allowed or not rejected.
Filing VAT Returns in KSA
To electronically submit VAT returns on the GAZT portal is very straightforward. Here is how you do it:
- Log in to the GAZT portal
- Fill the form
- VAT on Sales
- VAT on Purchases
- Fill in all values pertinent to standard-rated sales, zero-rated domestic sales, exports, etc.
- Some fields like Total Sales and Total Purchases will be auto-calculated based on your input.
Information Required
You will be required to fill:
- Taxpayer
- Standard-rated sales
- Private healthcare and education sales
- Tax-exempted sales and imports
- Nil-rated purchases and exempted purchases
BMS Auditing: Your VAT Filing Partner
BMS Auditing is one of the major VAT return filing services providers in Saudi Arabia. We have an experienced team that ensures the correct preparation and submission of VAT returns on time without penalties and fines.
Services Offered by Us
- Compilation of document to be presented for VAT filing
- Facilitation through the GAZT online portal
- Compliance with VAT law: Submitting VAT return on time
Don't let VAT filing weigh your business down. BMS Auditing to your rescue for VAT filling services in Saudi Arabian VAT laws so that your business is updated on time.
For your queries or to get direct assistance, simply contact us or walk into our office in Saudi Arabia. Let us handle the complexities of VAT, while you take care of going ahead to grow your business!
