SZTAC 97/2020/IAR;1630/2018/Z

The accounting treatment in the audited financial statements includes recognition of unrealized gains on investments within equity, and also includes recognition of investments at their fair value.

Background

On Monday 11/03/1442 AH corresponding to 28/10/2020 AD, First Appeals Chamber for Income Tax Interventions and Disputes formed according to Saudi Arabia Royal Order No. 65474/1439 dated 23/12/1439 AH, under section B of article sixty seven of Income Tax Statutes issued according to the Saudi Arabia Royal Decree No. M1/1425 dated 15/01/1425 AH, amended by the Saudi Arabia Royal Decree No. M113/1438 dated 02/11/1438 AH, held its session in its headquarter in the city of Riyadh, to consider the appeal submitted on 12/01/1438 AD, from the /…. Company on the decision of the First Instance Committee for Tax Zakat Objection Committee in Jeddah, No. (39/11) for the year 1437 AH issued in regard with the objection no. (29) filed by the two parties of the appeal against the decision under consideration that concluded the following:

The objection of the …… company​ was accepted in form.