Zakat and Tax Service in Saudi Arabia

Managing Zakat, tax filing, and tax planning can be a complex task, especially for individuals and businesses in Saudi Arabia. This forced them to seek expert assistance to ensure compliance related to tax laws in Saudi Arabia. Bathootha Tax & Audit has an expert finance and accounting team offering Zakat and Tax Services in Saudi Arabia as well as Tax Advisory Services and Tax audit services in Saudi. We assist clients in navigating the complexities of the rules and regulations of taxation in Saudi Arabia.

A Brief About Zakat Tax in KSA

Zakat, one of the Five Pillars of Islam, is considered a religious duty for financially capable Muslims. It is a form of wealth redistribution to help those in need and promote social welfare. It also knows as the Islamic wealth tax. You have to note that Islamic wealth tax is not income tax – paid by all individuals in the country. 

In Saudi Arabia, eligible Muslims must pay Islamic wealth tax as per requirements. If you fail to pay the required amount, it will result in penalties and legal complications

The General Authority of Zakat and Tax (GAZT) is responsible for the administration and collection of Zakat tax, VAT, and corporate tax in Saudi Arabia. GAZT comes under the Ministry of Finance. GAZT oversees the registration of taxpayers and ensures their compliance with rules and regulations. This includes verifying taxpayer information, processing registration applications, and conducting audits to verify returns and payments.  Overall, GAZT plays a vital role in the economic development of KSA. 

Zakat Calculation in Saudi

Generally, Zakat is calculated at a rate of 2.5% on the total value of assets. Assets that come under the tax bracket are cash, gold, silver, investments, and business inventory. 

Under the calculation of Islamic wealth tax, there are various services are available. 

  • Registration 
  • Payment 
  • Immediate certificate 
  • Request for certificate 
  • Registering Holding Company 
  • Deregistering Holding Company 
  • Declaration 
  • Return Amendment 
  • Contract Release Application 
  • Instalment Plan 
  • Filing an objection on reassessment 
  • Amend registration details 

It is important to have a proper understanding of Zakat rules and regulations to ensure compliance with Islamic tax laws and regulations in Saudi. This is where Zaka and tax experts in KSA come in. They are well aware of the rules and procedures of Zakat and tax reporting services and tax filing in Saudi Arabia. They assist individuals and businesses with Islamic wealth tax needs as calculating this is challenging and complex

Zakat and Tax Advisory in Saudi Arabia

If you are an individual or running a business and need the best Zakat service in Saudi Arabia, Bathootha Tax & Audit firm offers a professional and affordable tax service in KSA. Our expert team study your requirements and then develop a strategy to overcome your obstacles related to determining various taxes including service tax and business tax in Saudi Arabia.  

To build a long-term relationship, we suggest you openly communicate your problems always so that we can offer the most updated solutions to you. We always prioritize and values the need of clients and develop targeted solutions as per requirements.

Looking for Zakat and Tax Services in KSA? Kindly contact our team for exceptional tax advisory services in KSA. Our financial specialists and accountants help you to assist you in all financial-related matters

Bathootha Tax & Audit also provide accounting services and ERP software to businesses operating in various industries. We offer Bookkeeping, Payroll Services, Financial Reporting, Financial Planning and Analysis services. Our ERP software automates core tasks of the businesses and minimize time taken to do task and enhance productivity in the businesses.