Baazeem reaches agreement with ZATCA to pay SAR 2.4 mln settlement claims

Logo of Baazeem Trading

Baazeem Trading Co. reached an agreement with the Zakat, Tax and Customs Authority (ZATCA) on the settlement of Zakat claims for the period from 2014 to 2018 through the payment of additional SAR 2.37 million, according to a bourse filing.

The company already paid SAR 2.69 million from the initially claimed amount, thus bringing the total value of payments to SAR 5.06 million.

The company's founding shareholders will cover 55% of the total claims, which will mitigate the impact on the company's financials.

Meanwhile, Baazeem expected a financial impact of additional SAR 2.28 million from the settlement.

According to data compiled by Argaam, Baazeem received last November letters from the General Authority of Zakat and Tax (GAZT), requiring it to adjust its Zakat reports for the period from 2014 to 2018, and pay Zakat differences worth SAR 8.57 million.