SZTAC 128/2021/IR;2018/1497/Z
Deducting the current account difference should not result in removing the effect of covering the realised losses from the current account, because deducting or adding retained profits or adding or deducting carried forward losses should be according to the lowest balance at the beginning or end of the year.
Background
On Tuesday 19/11/1442 AH corresponding to 29/06/2021 AD, the First Appeals Chamber for Income Tax Interventions and Disputes, formed pursuant to Saudi Arabia Royal Order No. 65474/1439 dated (23/12/1439 AH), convened at its headquarters in the city of Riyadh, to consider the appeal submitted on 05/03/1439 AH, corresponding to 22/12/2020 AD, by.... Company on the decision of the Second Tax Zakat Objection Committee in Riyadh No. 25 of 1438 AH, issued regarding objection no. (10/38) in the Zakat assessment for the years from 1990 AD to 2012 AD, filed by the Appellant against Zakat, Tax and Customs Authority, in which the primary decision stated the following:
First: In the form:
Acceptance of the objection submitted by the Zakat payer/the company ... in terms of formality for the years from 1990 to 2012.
Second: In the merits: