Al-Awaji hinted that the zakat collection system will be compulsory on plans intended for development or individual investment, which is expected to increase prices in the future. Al-Awaji hinted at the imminent issuance of the Zakat collection system, which may not exceed the end of the current year if the sessions with members of the Expert Commission to study the system are finalized quickly.
Al-Awaji pointed out that real estate investments are of two types, one is real estate development and the other is the investment of the «lurker» who waits for the prices of the meter to rise to sell it and earn a larger amount.
Awaji hinted at the imminent issuance of the Zakat collection system, which may not exceed the current year, if the sessions with the members of the Expert Council are completed to study the system quickly.
As for white land fees, Al-Awaji clarified that they will not be subject to the Zakat and Income Authority, but rather to the housing or municipal authorities. «The authority specializes in zakat and taxes, while the fees fall within the jurisdiction of the ministries of »housing« and »municipal affairs.««
On the assessment of real estate prices, Al-Awaji said. Regarding the evaluation of real estate prices to calculate the zakat rate, Al-Awaji did not hide that the authority took this into consideration, indicating that the authority does not only take the data of the taxpayer himself, but also has specialized valuation bodies that work on such matters in knowing the value of land that has been piled up for years and has not been sold.
The draft system for collecting zakat in commercial and professional activities was approved by the Shura Council last June, including raw, developed and prepared-for-sale lands, and excluding charities and non-profit organizations.
According to the system, zakat will be collected from the taxpayer himself. According to the system, land intended for sale will be subject to the collection of zakat provided its owner acknowledges or offers it for contribution according to apparent evidence, or its area is clearly in excess of the taxpayer's own need and that of his family according to the prevailing custom.
According to the system, land intended for sale will be subject to zakat collection provided its owner acknowledges or offers it for contribution according to apparent evidence. The system aims to collect zakat from commercial and professional activities, consists of thirty-four articles, and is subject to all those practicing them in the Kingdom.
The system aims to collect zakat from commercial and professional activities, and consists of thirty-four articles.
