The Zakat, Tax and Customs Authority on Sunday clarified that the general rule in the Executive Rules for the Zakat and Income Tax System and its Executive Rules do not require the presence of financial statements audited by chartered accountants.
They (X) completed through the platform that the financial statements are not required to be audited by certified public accountants (unless the taxpayer is obliged to get the financial statements audited as per some other system).
The authority said through the (X) platform, that in a situation when no activity is carried out, declarations based on the internal financial statements of the facility can be submitted without the need to certify from a chartered accountant.
He continued, with the exception of a few cases in which laws and regulations require the approval of deducting certain expenses such as bad debts and uncollectible liabilities to be accompanied by evidence based on financial statements certified by a certified public accountant , is also carried as well. Further loss.
The Zakat, Tax and Customs Authority continued that if it is not possible to make a financial statement, a declaration is submitted and a letter is attached pledging not to engage in the activity.