The Saudi government has issued an action plan for non-disclosure of information required for tax purposes. A fine of up to 15,000 Rials has been set for five violations.
Finance Minister Muhammad Al-Jadaan has approved the plan of action, which was published in the official gazette 'Umm Al-Qari' on Friday, August 26.
In the fifth section of the action plan, penalties have been fixed on the financial institutions in case of any violation.
The action plan states that if the tax report is not filed before May 31, then there will be a fine of 500 riyals. A fine of 500 riyals will be charged for every day of delay. Its maximum limit has been set at 15,000 Rials.
If the tax information declaration is not submitted in the required form, it will be considered as a violation and a fine of 5 thousand Riyals will be charged on the relevant declaration from each country.
If the required information is wrongly or incompletely entered in the tax report, it will fall under the scope of violation and will be fined 5 thousand riyals.
Failure to provide information as per the prescribed criteria will also be considered a violation.
The guidelines warned that non-cooperation with the official on duty and challenging his authority regarding the required standard would constitute a breach. He will be fined 3000 riyals.
