Saudi: 23% rise in zakat revenue
By Rizwan Khatik - Mon Jan 16, 7:38 am
The 2011 revenue is 23 percent higher compared to 2010, the department’s statement read.
The department attributed the large increase in revenue to the growing economic activities in the Kingdom as well as the advanced technology employed by the department to collect the dues.
It said all the department’s branch offices operated with advanced systems. It added that four new branches of the department would be opened in Jazan, Baha, Najran and Hail.
The statement put the zakat collected from businesses in the year at SR10 billion. Taxes collected from foreign companies amounted to SR9 billion, it said.
The department signed 28 agreements to avoid double taxation, while negotiations have been completed on 15 similar agreements. Currently, negotiations are under way on 15 more agreements to avoid double taxation, the statement said.
The income is used for social security payouts through the Ministry of Social Affairs.