Saudi banks close to deal with authorities on Islamic tax: sources | Reuters:
Saudi Arabian banks are expected to reach a deal with Islamic tax authorities before the end of the year to resolve a dispute over increased liabilities, banking sources say.
Banks have been at loggerheads with the authorities since at least the start of the year over additional payments of zakat - the name of the tax - for years going back as far as 2002.
Banks have been contesting the extra payments, but a compromise is close, said the sources, with one adding that the tax will be calculated at 10 percent of each bank’s profit.
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