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Precious metals. Zakat on Gold, silver, cash and other forms of invisible wealth is collected in four countries, but the assets are assessed differently in the different countries. [43] Treasures buried in the earth. Three countries (Libya, Saudi Arabia, and Sudan) collect zakat for treasures buried in the earth. [43] Wealth that yields income.
Income is subject to zakat in Saudi Arabia and Malaysia, while only Sudan imposes zakat on "wealth that yields income". [84] In Pakistan, property is exempt from the zakat calculation basis, and the compulsory zakat is primarily collected from the agriculture sector. [79]
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.
Outlined in this verse are the 8 categories where Zakat is eligible. [ 2 ] jizya - a per capita yearly tax historically levied by Islamic states on certain non-Muslim subjects— dhimmis —permanently residing in Muslim lands under Islamic law , the tax excluded the poor, women, children and the elderly.
The Hanafi school applies zakat on all agricultural produce according to the opinion of Imam Abu Hanifa. According to Imam Abu Yusuf and Muhamad bin Al Hasan, it only applies to plants whose produce can last (through storage) for a year. [12] When zakat applies to a plant, the nisab is five Wasaq. Each wasaq is valued as sixty Sa'.
Saudi Arabia [198] 2.5% (fully Saudi national owned businesses), 2.5-15% (taxed at Zakat rate 2.5% for the Saudi percentage of ownership, 15% for all other ownership) 0% 15% (standard rate) 5% (real estate transactions rate) Taxation in Saudi Arabia Senegal [43] 25% 0% 50% 20% Taxation in Senegal Serbia [199] 15% [200] 10%
periods establishing residency (including a formulary calculation involving three years); start and end date of residency; exceptions for transitory visits, medical conditions, etc. [128] Territorial systems usually tax local income regardless of the residence of the taxpayer.
The Ministry owns the Istidama Holding Company, which on 23 April 2018, received the 36.2% stake of the Saudi Binladin Group owned by Bakr bin Laden and his brothers Saleh and Saad. [ 2 ] Government bodies established by the Ministry of Finance
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