GACO ordered to pay SAR 6.4M in 2021-22 Zakat differences

22/10/2024 Argaam
Logo ofAl Gassim Investment Holding Co. (GACO)

Logo of Al Gassim Investment Holding Co. (GACO)

Al Gassim Investment Holding Co. (GACO) received notices from the Zakat, Tax, and Customs Authority (ZATCA) on the amended 2021-2022 declarations, demanding SAR 6.39 million in Zakat differences.

 

In a Tadawul filing today, Oct. 22, the company stated that it had submitted its Zakat declarations and settled the due Zakat as per calculations provided by external Zakat advisors and auditors.

 

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It has set aside a provision worth SAR 5.49 million as of Sept. 30, 2024, to cover these differences.

 

The company can object to the amendments within 60 days of receiving the notices.

 

GACO plans to file an appeal through its Zakat advisor within this period.

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