New Zakat regulations will not target individuals, says GAZT

17/11/2019 Argaam

 

The General Authority of Zakat and Tax (GAZT) said that the new Zakat regulations prospected to come into effect beginning of January 2020 will only target Saudi investors and GCC investors based in the Kingdom.

 

The authority stressed that Saudi nationals are not included in the new Zakat scheme.

 

This comes in response to a statement of GAZT’s spokesperson at the First Zakat and Tax Conference held in Riyadh last week, in which he stated that the new Zakat regulations will not be applicable to foreign investors, but only the income tax.

 

The authority added that it had never referred to the inclusion of Saudi and GCC individuals in the new Zakat scheme, as it would be applicable to investors, businesses and commercial entities.

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