We review and submit your Zakat and tax returns, and follow up on the submission of Zakat and tax objections with ease. We ensure accurate pricing of transactions and submit settlement requests while representing you before the Settlement Committee. We are also here to provide additional consulting services that support your needs.
“Saudi Arabia established the Zakat, Tax and Customs Authority (ZATCA) to facilitate the management of taxes and Zakat. The authority provides an integrated digital platform that enables taxpayers to log in, submit returns, pay taxes, and upload the required documents. It also offers information on electronic invoicing requirements that must be followed. The taxes available through the platform include Zakat and income tax, customs, corporate income tax, value-added tax (VAT), and real estate taxes, making it easier to navigate the tax system.”
Zakat and tax accounting is based on two fundamental pillars.:
The rulings and principles of Zakat on wealth, as well as the foundations of Zakat and tax accounting. Income Zakat is calculated by adding 2.5 percent of the Zakat base, which includes total sources of financing after deducting fixed assets and similar items. Zakat and tax accounting rely on the financial data presented in the commercial entities’ statements, where these data are measured and classified according to accounting principles and standards to ensure accurate presentation, and grouped into homogeneous categories to reach the sub-items in the statement of financial position.
Zakat and tax also include the accounting principles and necessary procedures for assessing Zakat-eligible funds and revenues, determining their amount, and distributing their proceeds in accordance with Islamic Sharia rulings.
Income zakat is calculated
By adding 2.5 percent of the Zakat base, which consists of the total sources of financing minus fixed assets and similar items.
“Zakat and tax accounting rely on the financial data presented in the financial statements of commercial entities. These data are measured and classified according to accounting principles and standards to present them accurately and correctly, and to categorize them into similar and homogeneous groups in order to reach the sub-items known as the classification of the statement of financial position.
This process is based on two main pillars: the rulings and principles of Zakat on wealth, and the foundations of Zakat and tax accounting.”