Amending Article 73 of the Executive Regulations for the collection of zakat

The Zakat, Tax and Customs Authority (ZATCA) has announced amendments to Article (73) of the Executive Regulations for Zakat Collection, specifically concerning the provisions for deducting under-construction real estate projects. The update includes the following changes: 1- The article title has been changed to: "Under-Construction Properties and Off-Plan Sales Projects" 2- New regulations have been added for Off-Plan Sales Projects, including: Calculating the deductible amount from the zakat base as: Project balance at year-end minus additions made to the project during the year. Each project must be assessed individually. Determining the appropriate treatment based on its classification in the financial statements. Specifying how sources of funds are to be treated in accordance with the regulation. 3- Additionally, zakat payers using accounting records are permitted to apply the provisions of the 1445 AH Executive Regulations for Zakat Collection to financial years beginning before January 1, 2024, provided eligibility conditions are met and the application is submitted no later than August 31, 2025. The revised text of Article (73) of the Executive Regulations for Zakat Collection was issued under Ministerial Resolution No. 1007, dated 19 Sha’ban 1445 AH.

Official approval from the General Real Estate Authority

With God’s grace and success, we proudly announce the qualification of Al-Aqili, Al-Saeed and Partners Company by the General Real Estate Authority as a certified public accountant to supervise real estate contribution projects. This qualification comes within the framework of the Authority’s support to raise the level of transparency and disclosure in the real estate development sector, and to regulate real estate contributions, which is an investment model in which several parties participate with the aim of developing real estate projects and achieving returns from them. This step represents a qualitative addition to our professional career, and an affirmation of our commitment to regulatory and professional standards that enhance investor confidence and serve the real estate sector efficiently.