The General Authority of Zakat and Tax (GAZT) confirmed that the amended zakat regulation, which is due to be implemented at the beginning of January 2020, will be applied to the Saudi and Gulf investors residing in Saudi Arabia and not to individuals; and the income tax will apply to the foreign companies and entities.
It is noted that the zakat regulation amended by the Ministerial Decision No. 2216 on 7/7/1440 AH is characterized by increased clarity in the zakat calculation method for the taxpayers who hold commercial books, along with facilitating the zakat calculation method for the taxpayers who do not hold commercial books (Discretionary Taxpayers); in addition to further clarifying the zakat collection procedures, improving the formulation, unifying the terms used in the regulations and their definitions, making improvements in constructing the base, and developing the calculation method for the zakat rate. The procedures that are not supposed to be in the regulations were excluded.
GAZT emphasizes the need to obtain any information regarding the zakat or taxes through its official channels on the social media accounts, the website gazt.gov.sa, and the Call Center on the number (19993).