Al Ahsa Development sets SAR 10.5 mln provision for Zakat dues

Al Ahsa Development Co. has set aside a SAR 10.5 million provision to cover Zakat dues for the 2003-2012 fiscal years, the company said in a statement to Tadawul.

The financial impact of this provision will be reflected on Q3-2015 statements.

Last month, the industrial developer said it would 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. The company claimed it had already paid the amount, according to a report published by Argaam.