Arab National Bank (ANB) said it would have to pay additional zakat claims of SAR 426 million for the years 2004-2013, according to the lender's financial statements seen by Argaam.

 

The Zakat claims for the first five-year period starting 2004 were reduced from SAR 334 million to SAR 111 million from as the bank appealed the decision, while allocating no provisions.

 

Meanwhile, ANB allocated SAR 209 million in provisions for the additional claims worth SAR 315 million from 2009 to 2013, the statements added.

 

Other banks operating in Saudi Arabia are subject to the same interpretation, and have yet to announce positions and any additional demands issued by the General Authority of Zakat and Tax (GAZT).

 

GAZT Claims from ANB

Additional claims

Period

Reason for variation

Notes

SAR 426 mln

2004-2013

Not mentioned

The bank has allocated SAR 209 mln in provisions

 

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