GACO says petition against ZATCA’s 2016-2017 claims rejected

Logo of Al Gassim Investment Holding Co. (GACO)

Al Gassim Investment Holding Co. (GACO) announced receiving today, April 21, from its Zakat advisor the decisions from the appellate division indicating the rejection of the petition for reconsideration of the committee's decisions and the obligation of the company to pay additional amounts for the years 2016-2017 totaling SAR 6.5 million, according to a statement to Tadawul.

The company also said it had previously paid SAR 1.73 million of these obligations.

There will be no impact on the financial statements for the year 2024, as a Zakat provision for this purpose was established in previous years, it added.

According to data available on Argaam, GACO received in January 2023 a decision from the appellate department stating that the appeal against ZATCA for 2018 claims was accepted in form and rejected in subject. The company had then said it intends to submit a petition to reconsider the decision.

In September 2020, GACO received letters from ZATCA to amend Zakat claims for 2014 to 2018 and settle the differences for the mentioned years, at a total value of SAR 13.26 million.