SAUDI ARABIA: Al Gassim Investment received revised Zakat assessment notices from the Zakat, Tax and Customs Authority of Saudi Arabia for the fiscal years of 2021 and 2022 under the updated Zakat collection regulations.
The reassessment reduced the company’s total Zakat liability to SAR5.34 million (US$1.42 million) from SAR9.74 million (US$2.64 million) under the previous framework. The adjustment results in savings of SAR4.39 million (US$1.17 million), which will be reflected in the company’s 2025 financial statements. Al Gassim Investment noted that it had previously made provisions to cover potential differences arising from the earlier assessments.
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