Saudi Arabia has published details on penalties that will be levied against those who do not disclose their information for tax purposes. These penalties have been set to reinforce the FATCA agreement between the U.S.A. and Saudi Arabia, which requires all financial institutions in the country to disclose the information of their clients who are considered “U.S. Persons” to the IRS.
Penalties will now be applied to any “Financial Institution, person or go-between” who does not send in the required information, according to the article. The penalties start from a 500 Saudi Riyal penalty per day after the deadline to deliver the information all the way to thousands or hundreds of thousands of Riyals, depending on the amount and severity of the violations.
For the full article from Arabian Business in Arabic, click here.