Riyad Bank said it would have to pay an additional zakat claim of SAR 3.5 billion for the years 2008-2013, after the zakat authority applied a new accounting method to the long-term investments of banks, according to the lender's financial statements seen by Argaam.

 

The Saudi General Authority of Zakat and Tax (GAZT) informed the bank of the additional zakat demands worth SAR 3.5 billion, which is higher than the originally estimated figure. The difference is attributable to the application of a new interpretation by GAZT.

 

Other banks operating in Saudi Arabia are subject to the same interpretation, and have yet to announce positions and any additional demands issued by GAZT.

 

Riyad Bank said it has not yet allocated any provisions for the additional claims.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request