Payment of Corporate Zakat in Installments

    3 months ago


Payment of Corporate Zakat in Installments

Certain cases business cannot pay the lump sum amount Zakat at a time, mainly this is due to the bad collection or fund flow to the business. Such cases GAZT has provided the business to pay Zakat in instalments without incurring any additional cost.

Normal case, Zakat must be filed and paid within 120 days from the end of the fiscal year. In case of dispute or re-assessment within 60 days from the date of assessment. 

Procedure/Eligibility for paying in instalments 

  1. An application shall be made to authority through the web portal explaining 
    1. Liability due
    2. Fiscal year 
    3. Reasons why the liability cannot be settled at one time on the due date
    4. Other supporting documents (which includes company bank statements)
  2. No of instalment requested, amount and any down payments 
  3. The authority will respond within 30 days

The authority will issue temporary Zakat certificate during the period of instalments and issue a final certificate on full payment of all instalments. 

If any failure in the payment of instalment the authority has the right to cancel the instalment scheme and in such cases, the business needs to settle all the pending dues immediate


Gazt

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