Saudi Arabia issues new Executive Regulations for Zakat Collection

04 April 2024|Tax Alerts, Information Reporting, Legislation & Policy, National/Federal Taxation, Asset Management|Saudi Arabia

Saudi Arabia has issued the new Executive Regulations for Zakat Collection (Bylaws).
The objective of the Bylaws is to provide more clarity on the existing zakat regulations regarding taxpayers' rights and zakat calculation methods.
The Bylaws also aim to combine all the zakat collection rules applicable to various sectors under one set of regulations.
Zakat payers should review the impact of the Bylaws and apply the provisions accordingly, including potential application to fiscal years that began…

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