Saudi Arabia's General Authority of Zakat and Tax (Gazt) has issued new zakat collection regulations set to be implemented by the beginning of 2020, Gazt said in a statement.
Under the new regulations, the government will bear the zakat on government-issued debt instruments to encourage local and international investments, the statement said.
The amended regulations include enhancing the collection procedures in order to enhance transparency and efficiency, which would reflect on raising investors’ trust and attracting more investments.
A positive impact is to be seen on settling zakat claims for under-construction property, which will support the real estate sector.
The amendments clarify the zakat liability on insurance activities, given its unique nature and objectives.
The zakat collection regulations also aim to improve the zakat account of financing activities and reduce any related disputes, the statement added.
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