The General Authority of Zakat and Tax (GAZT) denied plans to increase Islamic tax paid in the private sector.
The Authority reaffirmed its commitment to follow the “best methods possible to carry out its duties that are stipulated in Article 3 of the General Authority of Zakat and Tax” which is to collect Zakat in the most efficient way, according to its statement reported by SPA on Friday.
It also announced earlier the start of a survey of general public opinion on the regulations of collecting the tax. It received numerous positive responses and feedback, which it took into consideration, added the authority.
GAZT stressed the importance of “taking information from its official sources” and expressed its readiness to respond to the queries from the public, “including taxpayers and investors,” through its social media accounts.
The Authority plays a role in supporting the Kingdom’s economy, and its effort to create an attractive investment environment for the private sector is in line with Saudi Vision 2030.
Economist Mohammed Saeid described the effective role of the Authority in dealing with rumors related to taxes and Zakat as prompt, adding that any delay in clarifying issues related to raising taxes could possibly affect investors’ confidence in the Saudi economy.
Saeid continued that GAZT's statement is a positive move which would help eliminate others' concerns. It also grants trust for investors due to the transparent methodology adopted in clarifying such implications.
The importance of transparency lies in it being among the key pillars to accomplish institutional governance, which has become a global competitive feature to ensure sustainability and growth of business.
