{"id":15292,"date":"2024-03-04T20:18:53","date_gmt":"2024-03-04T20:18:53","guid":{"rendered":"https:\/\/www.creationbc.com\/?page_id=15292"},"modified":"2024-04-19T14:22:01","modified_gmt":"2024-04-19T14:22:01","slug":"zakat-collection-law","status":"publish","type":"page","link":"https:\/\/www.creationbc.com\/en-sa\/corporate-laws-and-legislation\/zakat-collection-law\/","title":{"rendered":"ZAKAT COLLECTION LAW"},"content":{"rendered":"

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Zakat is an Islamic tax mandated by the religion of Islam. Thus, in Saudi Arabia, the Zakat Tax, within the framework of Saudi Arabia’s Corporate Laws & legislation<\/a>, is a mandatory charitable contribution that is collected by the government.<\/p>\n

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HIGHLIGHTS OF THE ZAKAT COLLECTION LAW<\/h2>\n

ZATCA: Zakat, Tax and Customs Authority<\/a> is responsible for the conduct of tax collection and evaluation in Saudi Arabia, which includes the religious tax known as Zakat and VAT. Tax disputes between ZATCA and taxpayers are resolved by the Dispute Resolution Committee (DRC).<\/p>\n

The authority collects Zakat Tax in Saudi Arabia every year from people and businesses by Sharia Law for the country’s economic growth. On the company’s Zakat basis, Zakat Tax is due at a rate of 2.5%.<\/p>\n

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ISSUER OF THE ZAKAT COLLECTION LAW<\/h2>\n

The ZATCA: Zakat, Tax and Customs Authority is responsible for overseeing and administering zakat collection and tax-related matters in the Kingdom. ZATCA plays a central role in managing zakat collection and ensuring compliance with zakat regulations in Saudi Arabia.<\/span><\/p>\n

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WHO IS SUBJECT TO THE \u2018ZAKAT COLLECTION LAW\u2019?<\/h2>\n

The Zakat Collection Law in Saudi Arabia primarily applies to individuals and entities that are obligated to pay zakat. Zakat is a form of Islamic almsgiving or charitable giving that is obligatory for eligible individuals and entities. Those subject to the Zakat Collection Law include:<\/span><\/p>\n

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  • Zakat is obligatory on eligible individuals who meet the criteria for zakat payment, which is based on their wealth, assets, and income. It is typically paid by Muslims who meet the minimum wealth threshold (nisab) and have held that wealth for a full lunar year.<\/span><\/li>\n
  • Businesses.<\/span><\/li>\n
  • Wealthy individuals with significant wealth, investments, and assets.<\/span><\/li>\n
  • Islamic financial institutions and charitable foundations.<\/span><\/li>\n
  • Zakat Collection Authorities.<\/span><\/li>\n<\/ul>\n

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    ENGLISH<\/p>\n

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    ARABIC<\/p>\n

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