Elm Co.’s wholly owned subsidiary, Saudi Company for Electronic Information Exchange (Tabadul), inked a revenue-sharing agreement with Zakat, Tax and Customs Authority (ZATCA), according to a statement to Tadawul.
The value of the agreement exceeds 5% of total revenue as per audited financial statements for 2021. The contract has no fixed value. The value, therefore, depends on the number of executed transactions, and Tabadul receives a percentage of the fees of such transactions.
The five-year agreement will provide customs electronic and operational services, starting from the issuance of the effective date certificate.
The relevant financial impact will reflect on the results of Elm’s subsidiary over the agreement term.
The agreement included no related parties, the statement added.
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