BMS Saudi Arabia has dedicated Zakat and Tax Consultants offering planned Zakat Accounting and Tax Services in Saudi Arabia by ensuring ZATCA compliance. Every individual and corporate taxpayer wishes to pay only that amount required by the law. To prevent paying fines or penalties, it is important to follow the rules and regulations of the Zakat

How do we approach Zakat and Tax Services?

The main objective is to enable the economic strength and security of the society for the citizens of Saudi by developing Zakat and tax systems providing outstanding service. The Zakat and Tax services at BMS Auditing Saudi Arabia include the following: 

      • Helping the clients in understanding the monetary importance and requirements with respect to the current or future operations 
      • Helping the clients to prepare for the annual Zakat and income tax filing package and submit on their behalf to the GAZT
      • Representing clients on Zakat and taxation concerns to the Appeal Committee and Board of Grievance

Here are a few important Zakat and Tax services offered by BMS:

      • Calculating Zakat and Tax
      • Preparing and filing Zakat and Tax returns
      • Tax and Zakat assessment support and appeal concerns 
      • Tax planning 
      • Zakat and Tax advisory

Taxes play an important role in modern business, however, the various regulations and legislations could be complex to negotiate. The tax advisory experts provide Zakat assessment support, delivering all-embracing services to protect the company’s position and help you prosper. 

Zakat Declaration

With the use of this service, you may file Zakat-related returns for a certain financial year (including transaction pricing forms). On the Authority portal, your declaration will be accessible for timely submission.

Requirements:

      • Should have an Authority e-Portal registration.
      • Financial records for your business.
      • Verify the kind of declaration and the financial term are valid.
      • Model for transaction price.

 

Zakat Payment

Once your declaration is complete, a SADAD invoice is created with the invoice number and the balance outstanding. With the SADAD number, you may use an ATM or internet banking to make your payment.

Requirements:

      • Zakat Complete Declaration

 

Zakat Registration

Any activity designed to generate income or employment is subject to zakat, therefore when the firm is registered with the Ministry of Commerce, a TIN is generated for it. You must first create an account on the General Authority of Zakat and Tax site in order to finish the first registration process for Zakat services.

Requirements:

      • Enrollment with the ministry of commerce.
      • Establishing agreement (for companies only).

 

Zakat and Tax Returns Filings

      • Help with the preparation and evaluation of tax and zakat returns
      • Tax and zakat returns, as well as accompanying schedules, must be translated into Arabic.
      • Contrast schedule data with financial statements.
      • Submit tax and zakat returns online to the General Authority for Zakat and Tax (GAZT) on behalf of customers.
      • Assist in the completion of controlled transaction disclosure forms for the purposes of transfer pricing.

 

Zakat Accounting

Zakat accounting in Saudi Arabia is the process of calculating and keeping records of Zakat payments. It involves determining the amount of Zakat that is due, based on the individual or business's wealth and assets. This includes determining the value of cash, investments, and other assets, as well as any liabilities. The process also involves determining the appropriate distribution of Zakat to eligible recipients.

To ensure compliance with Zakat laws and regulations, it is important to have a proper understanding of the rules and guidelines. This is where Zakat accountants come in. They are experts in the field and have the knowledge and experience to help individuals and businesses with their Zakat accounting needs. They can assist with calculating the amount of Zakat due, keeping accurate records, and ensuring compliance with laws and regulations.

Zakat accounting is an important aspect of Islamic finance and can be a complex and challenging process for many individuals and businesses. However, with the help of experienced Zakat accountants, the process can be made much easier. By working with a professional, individuals and businesses can ensure compliance and fulfill their religious obligations.

 

Mechanism of Tax and Zakat in Saudi Arabia

The Zakat, Tax and Customs Authority has undergone various developmental phases and changed its names too. Established in 1936 A.D as the Zakat and Income Bureau, it then became Zakat and Income Authority. Ultimately Royal Decree no. (A/133), had mentioned in Section 11 the “Zakat & Income Authority” would be converted into the General Authority of Zakat & Tax (GAZT), which would be directed by the Minister of Finance. 

According to the law, the Authority would be responsible for collecting the Zakat and taxes and ensuring the most efficient performance by its members in doing their duties. Based on their roles on practices and legal responsibilities, the Authority ensures powers and responsibilities of other groups are protected while making the maximum efforts to achieve its goals. 

Read more about Zakat Calculation, Payment and Services in Saudi Arabia

Zakat and Tax Advisory Services

If your organization requires assistance in Zakat and Tax advisory services, BMS provides the most efficient tax and Zakat services. The team listens to your needs and draws an idea about your business and the obstacles faced, thus identifying the ideal tax solutions and planning accordingly together. 

BMS Saudi Arabia suggests that the most effective way is to openly communicate the issues always, so the team could update you regularly. BMS believes in clarity as the key element in their approach to providing professional tax and Zakat services, thus understanding that the clients appreciate honesty and integrity. BMS always prioritizes its clients and has its unique way to deal with challenges. 

If your company wishes to expand the business in Saudi Arabia, BMS Auditing Saudi Arabia is always here to deliver Zakat and tax advisory services and assist you with the following:

      • Deciding the ideal corporate structure from the Zakat and Tax outlook 
      • Choosing the type of the most beneficial subsidiary capitalization 
      • Evaluating how a limited liability company would help its clients meet their strategic objectives
      • Locating operations in administrations offering incentives
      • Managing the concerns such as the filing of Zakat and Tax returns for clearance certificates and appeals


Need help with tax advisory or Zakat and Tax services?
Reach out to BMS Auditing in Saudi Arabia for the most efficient Tax and Zakat services as well as Zakat and Tax advisory through qualified and professional experts. 

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