The General Authority of Zakat & Tax ( The Authority ) has an important role in supporting economic development in the Kingdom of Saudi Arabia, and the efforts put into creating an attractive investment environment for the private sector in line with Vision 2030.
The authority wished to clarify that there are no current plans to increase the zakat levels in the private sector.
Moreover, the authority is committed to the best ways and means to carry out its duties stipulated in Article 3 of The Authority’s bylaws, which is the collection of Zakat according to the highest levels of commitment and efficiency, in line with the best professional practices in force globally.
The Authority has announced the commencement of public consultation with respect to the draft Zakat Regulations after making some amendments to the content of the regulation according to the Authority's jurisdiction. All stakeholders have responded positively and stated their comments which the Authority has received with interest and has expressed its appreciation for their input.
In order to enhance the investment climate, and under the constant monitoring of the Council for Economic and Development Affairs, The Authority has concluded settlements with a number of financial institutions and others to close their pending Zakat positions. This action has had positive effects on the economy, public interest and has saved time, efforts and costs for all concerned parties.