GACO to submit petition against decision to reject appeal against ZATCA

Logo of Al Gassim Investment Holding Co. (GACO)

Al Gassim Investment Holding Co. (GACO) announced receiving today, Jan. 23, a decision from the appellate department stating that the appeal against Zakat, Tax and Customs Authority (ZATCA) was accepted in form and rejected in subject, according to a statement to Tadawul.

The company intends to submit a petition to reconsider the decision within a period of 30 days from the date of receiving the decision, the statement said, noting it will announce developments in due course.

In September 2020, GACO received letters from ZATCA to settle Zakat claims for 2014 to 2018 at a total value of SAR 13.26 million, according to data available with Argaam.

In December 2021, the firm received the decision of the First Department to determine income tax violations and disputes in Riyadh, which dismissed the company’s lawsuit against ZATCA over the Zakat returns for 2018.

GACO had then appealed the decision.