Amiantit announces First Appeals Circuit decisions on Zakat claims

Amiantit Co. headquarters  

Saudi Arabian Amiantit Co. said it received, on March 10, decisions from the First Appeals Circuit for Income Tax Violations and Disputes on accepting the appeal of the Zakat, Tax and Customs Authority (ZATCA) and repealing the decision of the First Appeals Circuit regarding the item of loans for the years 2015 to 2018 and the item of other liabilities for 2015, 2016 and 2018 and its amendment for 2017. 

In a statement to Tadawul, the company said the decisions included accepting the company's appeal regarding the item of spare parts inventory for 2017 and the item of provisions adjustments for 2018, and the end of disputes regarding the comprehensive income profit item for 2017. 

In addition, the appeal of the company and the authority regarding the rest of the items in the claim was rejected, the decisions of the first circuit for the years from 2015 to 2018 were upheld.  

The company will submit a petition to the General Secretariat of Tax Committees to reconsider the decisions.  

The relevant financial impact will be determined later, the statement said, adding that the company will study the suitable solutions and any updates regarding this matter.