Mubasher: The ordinary general meeting (OGM) of Kuwait’s Munshaat Real Estate Projects has approved the tax settlement with the Saudi General Authority of Zakat and Tax (GAZT).

The taxes and claims by the Saudi GAZT were reduced to SAR 411 million ($109.7) from SAR 1.9 billion ($507 million), according to a bourse statement on Monday.

Munshaat clarified that the tax claims will be for the three-year period from 2014 to 2017.

It is noteworthy that Munshaat has calculated the provisions registered for this settlement until 31 December 2017; the provisions totalled SAR 363 million ($97 million).