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The General Authority of Zakat, Tax, and Customs (ZATCA) (Arabic: هيئة الزكاة والضريبة والجمارك) is a government agency under the Ministry of Finance in Saudi Arabia that is responsible for the assessment and collection of taxes and zakat, a form of obligatory almsgiving in Islam.
Iranian National Tax Administration (INTA) [6] 4 Lebanon: Ministry of Finance: 5 Morocco: Ministry of Economy and Finance: 6 Saudi Arabia: Zakat, Tax and Customs Authority: 7 Tajikistan — 8 United Arab Emirates: Federal Tax Authority: 9 Bangladesh: National Board of Revenue (NBR) 10 Egypt: Egyptian Tax Authority: 11 Iraq: General Authority ...
Zakat is based on income and the type and value of one's assets/possessions [13] [14] above a minimum amount known as nisab. [7] [Note 1] The Quran does not provide specific guidelines on which types of wealth are taxable under the zakat, nor how much is to be donated, and Islamic scholars differ on how much nisab is and other aspects of zakat ...
Zakat spending as per Holy Quran on 8 categories of people Silver or gold coinage is one way of granting zakat. Zakat (or Zakāh) is one of the five pillars of Islam. Zakat is the Arabic word for "Giving to Charity" or "Giving to the Needy". [a] [3] Zakat is a form of almsgiving, often collected by the Muslim Ummah. [1]
The taxes stipulated by Islamic law generally did not generate enough revenue even for the limited expenditures made by pre-modern governments, and rulers were forced to impose additional taxes, which were condemned by the ulema. [10] According to scholar Murat Çizakça, only zakat, jizya and kharaj are mentioned in the Buktasira.
In Pakistan Zakat is levied on sahib-e-nisab, i.e. a person who owns or possesses assets liable to Zakat under Shariah equal to or more than nisab, (about US $300, calculated according to the value of 612.32 grams of silver [6]). [1] There are eleven types of assets liable to Zakat "detailed in 1st schedule of Zakat & Ushr Ordinance 1980". [7]
The IZO was founded in late 2008 by the Government of Malaysia.In May 2007, the Hon. Dato’ Seri Syed Hamid Albar, Minister of Foreign Affairs of Malaysia, had tabled a resolution for the formation of the International Zakat Organization at the thirty-fourth session of the Islamic Conference of Foreign Ministers of the Organisation of the Islamic Conference in Islamabad.
Zakat – the "charitable taxing of certain assets, such as currency, gold, or harvest, with an eye to allocating these taxes to eight expenditures that are also explicitly defined in the Quran, such as aid to those in need." Gharar—"uncertainty". The presence of any element of excessive uncertainty, in a contract is prohibited.