Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) announced that it has reached an agreement with the Saudi General Authority of Zakat and Tax (GAZT) to settle tax and Zakat claims for fiscal years 2007 through 2016. 

The settlement deal includes the payment of SAR 115.56 million, MedGulf said in a statement to the Saudi Stock Exchange (Tadawul) on Monday.

Accordingly, the settlement will result in increasing shareholders’ rights by SAR 15.79 million.

The settlement does not include fiscal years 2017 and 2018 as the company has not received the Zakat assessment for these two years.