Amiantit secures ZATCA approval on installment plan for Zakat dues

Logo of Saudi Arabian Amiantit Co.

Saudi Arabian Amiantit Co. received approval from the Zakat, Tax, and Customs Authority (ZATCA) for an installment plan regarding the Zakat amounts owed by the company to the authority.

The installment plan covers Zakat dues for the period from 2015 to 2020, totaling SAR 277.75 million. Consequently, a claim worth SAR 29.19 million to a governmental entity will be waived, according to a statement to Tadawul today, Nov. 12.

The remaining amount will be paid in semi-annual installments as of the second quarter of 2024 over a period of four years. The first to sixth installments are worth SAR 7.5 million each, scheduled for biannual payments starting from April 30, 2024, until Oct. 29, 2026.

The last two installments are valued at SAR 101.78 million each, due by the end of April 2027 and October 2027, separately, the statement added.

In addition, the company noted that these amounts cover the previously announced Zakat assessments for 2015 to 2018, as well as the years 2019 and 2020.

On Sept. 17, the company received the reconsideration decision from the First Appeals Chamber for Income Tax Interventions and Disputes via email from the General Secretariat of ZATCA, accepting the reconsideration request in form but rejecting it in substance, Argaam's data showed.

On Aug. 5, Amiantit received a claim notification from ZATCA to pay SAR 219.76 million worth of Zakat dues for 2015-2018, Argaam earlier reported.

The relevant financial impact involved recording an additional Zakat provision of SAR 115 million in the third quarter of 2023, the company recently announced.