| Element List | Explanation |
|---|---|
| Announcement Detail | The Saudi Paper Manufacturing Company announces that it has reached a settlement with the Zakat, Tax and Customs Authority regarding Zakat obligations for the period in dispute for the years 2015 to 2018. Where the claim was from the Authority for payment of Zakat dues in the amount of SAR 23,490,009.38, and the company's management carried out all the necessary procedures for objection to the competent committees and obtained a settlement by paying the amount and amount of SAR 10,417,492. |
Noting that the company has provisioned an amount of SAR 11,042,600 for the disputed period from 2015 to 2018.
The company has also received a letter from the Dispute Settlement Committee for Zakat and Tax, Customs Authority confirming the final decision of the committee regarding a payment of SAR 10,417,492.
It should be noted that the company's current management was keen to amend and end the status of zakat obligations with the Zakat, Tax and Customs Authority for the period from 2006 to 2014, to extend to 2020, and the company submitted zakat declarations for the years 2021 and 2022.
Impact: It is expected that the impact will be positive for the company by reversing an amount of provision of SAR 625,107.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.