ZATCA directs GACO to amend Zakat reports, pay SAR 7.9 mln claims

Logo of Al Gassim Investment Holding Co.

Al Gassim Investment Holding Co. (GACO) received letters from the Zakat, Tax and Customs Authority (ZATCA), requiring it to adjust its Zakat reports from 2019 to 2020, and pay Zakat differences worth SAR 7.87 million, according to a bourse statement today, Sept 14.

The firm clarified that it submitted the returns and paid Zakat for those years according to the consultants' and external auditors' mechanism of calculating Zakat.

According to ZATCA letters, the company can refute the required changes during the 60-day regulatory period from the date of receiving the letters. Accordingly, the company plans to submit an appeal during the specified period.

GACO will determine the related financial impact in due course, the statement noted.