Clarification from GAZT on new taxes
Further to the General Authority of Zakat and Tax (GAZT) press release stating the background on which the implementing regulations of the Royal Decree No. (D/40) dated 2/7/1405 AH, which cover the rules and procedures governing the collection of Zakat from the taxpayers, and noting that the new regulations introduced no instructions that are in contradiction with the Authority’s strategy regarding the procedures of the Zakat collection, and
In response to recent media reports that the Zakat regulations issued by GAZT will impose Zakat on the personal accounts and balances of natural persons, GAZT confirms that all such reports are groundless as it the entity responsible for collecting Zakat only from Saudi natural persons residing in the Kingdom and Gulf Cooperation Council citizens who are engaged in commercial, investment, industrial, professional, service or banking activities in accordance with the Articles 1 and 2 of the Zakat Regulations.
Paying Zakat on personal accounts and balances, whether they are deposited in banks or not, is up to their owners.
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