GACO says objections to 2016, 2017 Zakat amendments rejected; plans appeal

04/07/2022 Argaam
Logo ofAl Gassim Investment Holding Co. (GACO)

Logo of Al Gassim Investment Holding Co. (GACO) 

Al Gassim Investment Holding Co. (GACO) said that it received two decisions issued by the first department for the determination of income tax violations and disputes in Riyadh, rejecting the company’s objections to the decisions of the Zakat, Tax and Customs Authority (ZATCA) regarding 2016 and 2017 Zakat amendments.

 

According to those decisions, the company has the right to appeal the decision within 30 days from the notification date. Therefore, the company intends to appeal the decision within the statutory period, GACO said in a bourse statement.

 

In September 2020, ZATCA requested GACO to settle Zakat claims for the years 2014-2018 at a total value of SAR 13.26 million, according to data compiled by Argaam.

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