Asharqiyah Development Co. said it will appeal zakat claims made by the Saudi General Authority of Zakat and Tax (GAZT) within 60 days.
In a statement to the Saudi bourse, Tadawul, the company said it received a letter from GAZT stating that it has SAR 19.3 million in zakat liabilities.
Asharqiyah said it had set aside SAR 8.9 million in zakat provisions during the period 1991-2014, and it has already settled zakat claims at SAR 3.8 million till 1995, while SAR 5.2 million in liabilities are still due for the period 1995-2014.
Meanwhile, the relevant financial statement will be revealed in due course, it added.
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