SZTAC 45/2021/IR; 2018/1751/I

Refusal to deduct realized losses resulting from the sale of shares requires tracking each purchase of the security and the process of selling it at a later time to ensure that these losses are realized or not.

Background

On Sunday 06/09/1442 AH corresponding to 18/04/2021 AD, the First Appeal Chamber met for violations and disputes of Income tax, that was formed pursuant to Saudi Arabia Royal Order No. 65474/1439 (dated 23/12/1439 AH), at its headquarters in the city of Riyadh, to consider the appeal submitted on 24/3/1436 AH, by/company... on the decision of the Primary Tax Zakat Objection Committee Second in Riyadh, No. (3) of 1436 AH, issued regarding objection No. (22/35) on the tax zakat assessment for the years from 2007 AD to 2011 AD, established by the establishment against the General Authority for Zakat and Income, in which the initial decision was passed with the following:

First, in terms of formality:

Accepting the objection of the taxpayer/company... from a formal point of view, to submit it within the statutory period and who has a capacity.

Second, in terms of the matter: