The Board of Directors of the Zakat, Tax and Customs Authority approved the amendments to the instructions for pricing transactions (which take place between related persons or persons under joint control). jointly as if they were transactions between independent parties).
Transaction pricing instructions for taxpayers subject to zakat levy will come into effect for fiscal years beginning on or after January 1, 2024.
The decision will be applied in two phases, the first includes all taxpayers subject to zakat collection with the exception of financing funds, as transactions that exceed 100 million riyals will be priced compulsorily, while transactions that exceed 48 million riyals will be priced optional, while transactions that are less than 48 million riyals will not be priced, and will be applied The second phase is 3 years after the implementation of the first phase, and transactions that exceed 48 million riyals will become mandatory, and will also include financing funds.
Okaz (Jeddah) @okaz_online
