Zamil required to pay SAR 7.3M Zakat differences for 2014

Logo of Zamil Industrial Investment Co.

Zamil Industrial Investment Co. announced receiving the final letter from the Zakat, Tax and Customs Authority (ZATCA) requiring it to adjust its Zakat reports for 2014, and pay Zakat differences worth SAR 7.32 million, according to a statement to Tadawul.

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Noting that the claim is subject to objection, Zamil said it was to pay additional Zakat differences of SAR 43.30 million. The company indicated it has sufficient allocations to pay the final Zakat differences with no material impact on its financial statements.

The Zakat reports for 2015-2018 are still under study by the competent authorities and the company will duly reveal any updates.

In December 2020, Zamil received letters from ZATCA requiring it to adjust its Zakat reports for the period from 2014 to 2018, and pay Zakat differences worth SAR 229.3 million, Argaam reported.