GAZT directs MESC to amend Zakat reports, pay SAR 65 mln claims

Middle East Specialized Cables Co. (MESC) received letters from the General Authority of Zakat and Tax (GAZT) requiring it to amend Zakat declarations submitted from 2014 to 2018.

The letters demand a payment of Zakat differences, totaling SAR 64.96 million, for the period, the firm said in a statement to Tadawul.

MESC added it submitted Zakat declarations for the above-mentioned years and paid Zakat based on audited financial statements for the respective fiscal years.

The company has the right to object to the amendments during the statutory period, which is 60 days from the date of receiving the letters.

Accordingly, the company plans to raise the list of objections within the statutory period.

The financial impact will be determined and announced at a later stage.