Concerned about how Corporate Tax and Zakat might impact your business? Fret not! Reach out to us for a swift consultation with our Zakat and Corporate Tax expert.
What is ZAKAT
Zakat is a mandatory almsgiving for eligible entities in KSA.
It’s calculated at 2.5% of a company’s eligible net assets.
Eligibility is determined by factors like ownership structure, capital, and profitability.
KSA introduced Corporate Income Tax in 2017, initially at 50% and later reduced to 20% in 2020.
Taxable income includes both locally and internationally sourced income.
SMEs with less than 5 million SAR annual revenue enjoy a reduced rate of 0-20%
Zakat is calculated annually based on financial statements audited by an approved Zakat auditor.
Corporate Tax returns are filed annually with the General Authority for Zakat and Tax (GAZT).
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