Saudi Arabia: New Zakat implementing regulation
The new regulation applies to financial years starting on or after 1 January 2024.
The new regulation applies to financial years starting on or after 1 January 2024.
The Zakat, Tax, and Customs Authority (ZATCA) on 22 March 2024 announced through Ministerial Resolution (MR) No.1007 (dated 29 February 2024) the issuance of a new Zakat implementing regulation, which replaces the current regulation issued through MR No. 2216 (dated 14 March 2019).
The new regulation applies to financial years starting on or after 1 January 2024 and introduces:
- Compilation of Zakat treatments for different sectors, which were previously issued through separate MRs
- New approach/methodology to calculating the amount of Zakat due
- Rules for amending the Zakat return and regarding treatment of mergers/acquisitions and cessation of activities
- Rules related to conversion to International Financial Reporting Standards (IFRS) from local standards
For more information, contact a KPMG tax professional:
Philippe Stephanny | philippestephanny@kpmg.com
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