Aayan Leasing and Investment announced that the Saudi General Authority of Zakat and Tax (GAZT) has canceled SAR 9.8 million ($2.6 million) of the authority’s claim as part of the zakat and taxes imposed on Hajar Tower.
Aayan Leasing has repaid tax and zakat differences worth SAR 7.5 million due to the authority, according to the Kuwaiti firm’s consultancy office, as reported in a bourse statement on Tuesday.
The consultant has advised Aayan Leasing to receive SAR 9.6 million ($2.56 million) as a provision.
Aayan Leasing clarified that it still declines all the remaining claims by the GAZT, and that the financial impact cannot be determined in the current time.
In February 2017, Aayan Leasing clarified that Hajar Tower Real Estate, an associate of Aayan Real Estate which is 57.8% owned by Aayan leasing, would object on the tax and zakat differences imposed by the Saudi’ GAZT.