GAZT directs Al-Khodari to amend Zakat reports, pay SAR 293.8 mln claims

Logo of Abdullah Abdul Mohsin Al-Khodari Sons Co.

Abdullah Abdul Mohsin Al-Khodari Sons Co. received letters from the General Authority of Zakat and Tax (GAZT), requiring it to amend its Zakat reports for the period from 2014 to 2018, and pay Zakat differences worth SAR 293.8 million, according to a bourse statement.

The Tadawul-listed firm clarified that Zakat reports were submitted for the years 2014, 2015, 2016, and 2017, and payment was done based on the audited financial statements for the respective fiscal years except for 2018.

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

The related financial impact will be determined in due course and any developments will be announced in due course, the company added.