GACO says appeal against decisions on 2016, 2017 Zakat returns rejected

Logo of Al Gassim Investment Holding Co. (GACO)

Al Gassim Investment Holding Co. (GACO) said the appeal submitted against the decisions of the Zakat, Tax and Customs Authority (ZATCA) on the former’s 2016 and 2017 Zakat returns was accepted in form and rejected in subject, according to a Tadawul statement today, Oct. 5.

GACO got the news from its Zakat advisor, who received the two decisions from the Appellate Court. The company plans to file a petition for reconsideration, indicating that any relevant developments will be duly announced.

In July 2022, GACO received two decisions issued by the First Circuit for Adjudication of Income Tax Violations and Disputes in Riyadh, rejecting the company’s objections to ZATCA's decisions on its 2016 and 2017 Zakat returns.

In September 2020, ZATCA requested GACO to settle Zakat claims for 2014-2018, totaling SAR 13.26 million, according to data compiled by Argaam.