GACO says objection to ZATCA decisions on 2019-2020 Zakat returns rejected

Logo of Al-Gassim Investment Holding Co. (GACO)

Al-Gassim Investment Holding Co. (GACO) said that its objection to the decisions of the Zakat, Tax and Customs Authority (ZATCA) on the assessment subject Zakat returns in 2019 and 2020 was rejected by the First Circuit for Adjudication of Income Tax Violations and Disputes.

The decisions were received from the company’s Zakat consultant on March 20.

In a statement to Tadawul, GACO added that it has the right to appeal against these decisions within 30 days from the decision issuance date.

Accordingly, the company will appeal against the said decisions within the specified period.

In September 2021, GACO was directed by ZATCA to adjust its Zakat returns from 2019 to 2020, and pay Zakat differences worth SAR 7.87 million, Argaam earlier reported.