The General Authority of Zakat and Tax (GAZT) denied news about the imposition of zakat on individual bank accounts. The GAZT confirmed that the new zakat regulations, which are to be implemented in January 2020, will be applied to Saudi and Gulf investors residing in Saudi Arabia and not to individuals. GAZT confirmed that it would apply the income tax on foreign companies and entities. The new Zakat Regulation amended by ministerial decree will increase the clarity of the method of calculating zakat for taxpayers holding commercial bills, and for those who do not carry commercial bills. In addition, the new regulation will further clarify the procedures related to collecting the zakat, improve drafting, standardization, and definition of terms used in the regulation. The authority stresses the necessity of obtaining any information about zakat or taxes through its official channels in social media accounts and the official website gazt.gov.sa and call center 19993.
