Saudi Cable Company announces that it has reached a settlement with the Zakat, Tax and Customs Authority regarding Zakat differences
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| Announcement Detail | Saudi Cable Company announces that it has reached a settlement with the Zakat, Tax and Customs Authority And receiving a letter from the Zakat and Tax Disputes Settlement Committee on Tuesday 06/06/1445 AH corresponding to 19/12/2023 AD, regarding the Zakat differences for the disputed period for the years 2015 to 2018. Where ZATCA issued a Zakat Assessment with differences in the amount of 144,979,995 Saudi riyals. The Company submitted a settlement request to the Settlement Committees of ZATCA. After the Committee reviewed the application, the Company obtained a settlement in the amount of SAR 103,974,807, at a reduction of SAR 41,005,188. Noting that the company has recorded in its financial statements ending on 31/12/2022 a Zakat provision for these Zakat assessments in the amount of SAR 144,979,995 to confront this Zakat assessment.
It is worth noting that the company's management was keen to amend the status of potential Zakat obligations with ZATCA, and the company submitted Zakat returns for the years 2021 and 2022.
It is expected that the impact will be positive for the company, by reversing the Zakat provision of SAR 41,005,188. |
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