Amiantit says some objections to ZATCA claims rejected

Logo of Saudi Arabian Amiantit Co.

Saudi Arabian Amiantit Co. announced that the First Department for Resolution of the Income Tax Disputes and Violations decided on May 19 to accept some of the company's objections to the Zakat, Tax and Customs Authority’s (ZATCA) claims to pay Zakat differences worth SAR 231.12 million, according to a bourse filing.

The company will announce the amounts for which its objections were accepted upon receiving the decision on May 31. However, it believes that the amounts accepted before the objection are likely to be delayed until the decision is received and seen.

The preliminary decision is subject to appeal within 30 days of the scheduled date for receiving the decision on May 31, the statement noted.

Amiantit will appeal against items that have not been approved for objection.

The relevant financial impact will be announced later, the statement said, adding that substantial developments will be disclosed in due course.

In December 2020, Amiantit received letters from the tax authority (formerly General Authority of Zakat and Tax), requiring it to amend Zakat declarations submitted from 2015 to 2018.