Saudi Arabia's Shoura Council has approved a motion to allow the department of Zakat and Income Tax to function as a separate authority, Arab News has reported. The council also recommended that private sector firms whose capital exceeds SR500,000 ($133,000) should be compelled to maintain their book of accounts to show income and pay Zakat accordingly. Currently, the department functions under the department of the ministry of finance.
You might also like...
Contractors win Oman Etihad Rail packages
23 April 2024
Saudi market returns to growth
23 April 2024
Middle East contract awards: March 2024
23 April 2024
Swiss developer appoints Helvetia residences contractor
23 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.