Riyadh, Saudi Arabia -- Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) and Korea Customs Service have signed a memorandum of understanding regarding mutual recognition of the Authorized Economic Operator (AEO) Program. ZATCA Governor Eng. Suhail bin Mohammed Abanmi and Korea Customs Service Commissioner Kwanghyo Ko signed the MoU, which...
Saudi Arabia issues tax warning to businesses: Pay up or face hefty fines
Riyadh, Saudi Arabia - Saudi authorities have issued a clear warning to businesses operating within the country: settle your outstanding taxes promptly or brace yourself for substantial fines. The call comes from Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA), which has taken a strong stance on enforcing tax compliance....
ZATCA sets criteria for target firms to apply phase II of e-invoicing
RIYADH, SAUDI ARABIA - The Zakat, Tax and Customs Authority (ZATCA) has set the criterion for selecting target establishments in the sixth group to apply the integration phase of e-invoicing which includes all establishments with revenues (subject to value-added tax (VAT)) exceeding SR70 million during 2021 and 2022. ZATCA has...
Funding for UN refugee operations swells via Zakat Fund
Sheikh Thani Bin Abdullah Bin Thani Al-Thani of Qatar, who serves as a UNHCR advocate, has been the biggest contributor to the fund, providing more than $110 million to date, or more than half of total contributions.ZATCA extends period of exemption of penalties for Saudi taxpayers
Saudi Arabia's Zakat, Tax and Customs Authority has extended the period of Cancellation of Fines and Exemption of Penalties Initiative for taxpayers
Saudi business tax payers asked to submit July declaration
The Zakat, Tax and Customs Authority has called on taxpayers from the business sector subject to value added tax (VAT) to submit their tax declaration for July, no later than August 31. The Authority has urged business sector taxpayers to promptly submit their tax declaration in order to avoid a...
Saudi Arabia seizes 302,255 Captagon pills at Al-Haditha port
Saudi Arabia has seized a new consignment of banned drugs being brought into the kingdom at Al-Haditha port.
UAE Fatwa Council sets value of Zakat for Ramadan at AED25
The council has also set minimum values of iftar meals and atonement for not fasting during the previous Ramadan.
GFH of Bahrain to list on Tadawul
Bahrain-based Islamic investment bank GFH Financial Group intends to list on the Saudi stock exchange, Tadawul, and Abu Dhabi Securities Exchange, ADX, according to media reports.
Zakat Fund reports revenue of $6 billion in 2021
The Zakat Fund has recorded total revenues of $6 billion in 2021, an increase of 5 percent over the same period in 2020.
Qatar gave $45m in zakat to eligible families in November
Those wishing to request assistance from the fund can visit its website, and view, fill, and upload the required documents.
Saudi e-invoicing scheme to come into force in three months
Saudi Arabia’s e-invoicing project, Fatoorah, will come into force in a little under three months, according to Zakat, Tax and Customs Authority (ZATCA).
Drugs seized at Dammam airport
Alert officials of the Zakat, Tax and Customs Authority at King Fahd International Airport in Dammam have seized more than 2.6 kilograms of cocaine into Saudi Arabia while it was being smuggled into the kingdom
19,000 kg banned drugs among Saudi customs H1 seizures
The customs authority has foiled more than 1,000 attempts to smuggle prohibited items into Saudi Arabia.
Saudi bourse’s 2020 net profit surged ahead of listing
Tadawaul Group also said revenue more than doubled It posted a profit after zakat of $133.5 million Saudi Tadawul Group, the owner and operator of the country’s stock market, said its net profit rose 227 percent in 2020 from a year earlier, while revenue more than doubled with a boost...Dubai Islamic Bank donates $1.77 million of Zakat money to ERC programs
The Dubai Islamic Bank has donated Zakat money worth AED6.5 million to support the program and projects of the Emirates Red Crescent Both sides signed a cooperation agreement to coordinate the distribution of the donation to those eligible to receive Zakat The Emirates Red Crescent, the Islamic world’s equivalent of...Tax payers in Saudi Arabia asked to file returns or face action
Withholding tax is deducted from the total income of a non-resident establishment in Saudi Arabia, in return for services it provides inside the Kingdom
