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FINANCIAL NEWS
Saudi zakah revenue up 23% in 2011, yr/yr
16 Jan 2012
(MENAFN) The Department of Zakah and Income Tax stated that its total revenue hit USD5.3 billion last year, thus recording a 23 percent year-on-year increase, reported SPA.
The department stated that around fifty percent of the revenue was paid by local businesses, while 45 percent were collected from foreign companies operating in the Kingdom.
The department cited the hike in revenue to the modernizing of its internal systems in addition to an increase in the countries economic activities in 2011.
It is worth mentioning that the department had increased efforts to elevate its level of performance including upgrading its systems as well as signing 28 agreements to avoid double taxation and negotiating fifteen others.
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