Al-Ahsa Development will appeal a decision by Saudi Arabia’s Department of Zakat and Income Tax (DZIT) ordering it to pay SAR 82.8 million in Zakat and other liabilities after the company said it had already paid the amount.

 

The Tadawul-listed firm said in a statement that it would file an objection to the department within 60 days. Financial impact would be disclosed after Al-Ahsa submits the claim.

 

A total of SAR 82.08 million is due in Zakat payments for the 2003-2012 period, the Zakat department said. Unpaid liabilities amounted to SAR 669,300.

 

Al-Ahsa Development’s shares were placed in a trading halt, effective until 2pm Riyadh time following a request from the company. Al-Ahsa had said it would disclose a new development related to the statement it received from the Zakat authority.

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