Asas Makeen receives final VAT assessment for Q4 2022

Asas Makeen receives a notice from ZATCA regarding the final VAT assessment for Q4 2024.

Asas Makeen Real Estate Development and Investment Co. said it received a notice from the Zakat, Tax and Customs Authority (ZATCA) regarding the final VAT assessment for the period from Oct. 1, 2022, to Dec. 31, 2022.

In a statement to Tadawul, the company said the net VAT due before the assessment amounted to SAR 3.7 million, while the net VAT due after the assessment reached SAR 3.702 million, with a tax difference of approximately SAR 1,881.

Asas Makeen clarified that it had not previously created a provision for this amount, and the tax difference of SAR 1,881.21 will be settled in accordance with regulatory requirements.

The company added that the amount of the tax difference is immaterial and is not expected to have a material financial impact on its financial results.