Thimar finalizes 2019-2022 Zakat assessment, averts SAR 4.8M losses

Logo of Thimar Development Co. 

Thimar Development Co. said its Zakat declarations were finalized by the Zakat, Tax and Customs Authority (ZATCA) for the years 2019, 2020, 2021, 2022.

In a statement to Tadawul today, Sept. 22, Thimar indicated that the assessment concluded the ratification of the company’s audits, hence implying no amendment to the previously-filed Zakat declarations

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Accordingly, the incremental amount of SAR 4.76 million that had been charged under ZATCA’s initial assessment, which Thimar would have incurred as a loss, was revoked.

ZATCA’s full assessment of Thimar’s Zakat obligations for the years 2019, 2020, 2021, 2022 took more than 30 months in total (from Jan. 22, 2023, to Aug. 14, 2025).

Under a preliminary assessment, ZATCA had initially concluded that an extra SAR 4.76 million was supposed to be added to the value of Thimar’s previously-filed Zakat declarations, given the lack of supporting documents or evidence proving otherwise, mandating the company to pay this difference.

In response, Thimar exerted efforts to prove the validity of the company's previously filed statements and nullify the above-mentioned increase in the Zakat assessment results.

This included numerous meetings with ZATCA to amend the assessment results on grounds of supporting data. Bank statements for these four years were reviewed besides any other document validating the company's position, whether directly or indirectly.

This is in addition to communicating with suppliers and obtaining statements of accounts, billing documents, payment copies and the like, especially for the years 2019 and 2020, Thimar explained.

To view final results of Zakat examination for the years 2019-2022