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Nama Chemicals Co. announced the developments of its Zakat assessments to date, as the final assessment amounted to SAR 140.02 million for the years 2000-2020, according to a bourse filing.
Meanwhile, the total amount paid for the Zakat assessments for the aforementioned years amounted to SAR 73.36 million, which means that the Zakat assessments are more by SAR 76.82 million.
The value of the provisions recorded for additional Zakat assessment as per company’s books until the end of 2020 is SAR 29.53 million.
Based on the professional opinion received from the company’s Zakat advisor, the value of the required provision against the additional existing Zakat assessments is SAR 8.498 million.
The company reversed the surplus Zakat provisions for previous years, amounting to SAR 21.04 million. The positive impact of the reversal will appear in the fourth quarter of 2021.
The company clarified the Zakat assessment for the years 2000-2011, as follows:
Zakat assessment for 2000-2011: Paid Zakat: SAR 33.9 million; Additional Zakat assessment: SAR 38.8 million; Current status: The additional claim has been objected, the objection has been accepted, and the additional claim has been completely cancelled, which is SAR 38.8 million; Required provision: zero.
Zakat assessment for 2012-2013: Paid Zakat: SAR 10.1 million; Additional Zakat assessment: zero; Current status: No additional claims; Required provision: zero.
Zakat assessments for 2014-2020: Paid Zakat: SAR 29.2 million; Additional Zakat assessment: SAR 37.9 million; Current status: The additional claim has been contested and a hearing has been set and the rest will follow as the company is contesting within the allowed period; Required provision: SAR 8.5 million as per the Zakat advisor.
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