The practical model for calculating zakat with an applied explanation

The practical model for calculating zakat according to the executive regulations of the zakat collection system at the Zakat, Tax and Customs Authority in the Kingdom of Saudi Arabia is the ideal choice for companies and accountants to rely on in calculating zakat and having a deep understanding of the philosophy of calculating zakat, which helps the accountant to accurately calculate the zakat due during the period without exaggeration or negligence. The product also helps the accountant directly, in a clear and simple manner, to provide correct accounting guidance for some items to avoid the risk of error in calculating zakat.

This product is suitable for each of the following categories:

1- Small-sized Saudi companies and institutions, which are subject to zakat collection regulations and maintain commercial books.
2-Large and medium companies, which are subject to zakat collection regulations and maintain commercial books.
3- Mixed foreign companies.
4- Professional services offices that provide zakat services.
5-Business owners who wish to see a simplified method to understand the method of calculating the zakat base according to the executive regulations for collecting zakat.
6- Accountants, who have a desire to develop their accounting skills and gain practical experiences that will help them obtain the best career opportunities.
7- Students in accounting specializations who wish to obtain a simple guide and explanation for calculating the zakat base and support their theoretical information with practical models that will help them solve practical issues more flexibly.

Product features:

1- A simplified explanation of all the rules for calculating zakat, in addition to a practical method for explaining all the calculations related to additions and deductions to the zakat base.
2- The model is suitable for calculating the zakat due on companies of all sizes.
3- The form has been updated according to the latest regulations and circulars of the Zakat, Tax and Customs Authority.
4- All digital basket products are updated by a specialized team in accordance with prevailing rules, regulations and standards.
5- A practical model for calculating Zakat by filling in account balances according to the instructions specified for each account.
6- Guiding the accountant towards the correct accounting treatment for some important and influential transactions in the calculation of Zakat, the incorrect treatment of which may result in either falling into violation of the rules and regulations of the Zakat, Tax and Customs Authority, which exposes it to financial fines, or may result in calculating the Zakat base greater than it is. Which leads to the payment of undue sums of money due to errors in accounting guidance and processing of some important operations.

Product contents:

1- Explaining the basic rules for calculating the zakat base as stipulated in the executive regulations for collecting zakat in simplified ways.
2- A simplified explanation of all items of additions and deductions to the Zakat base, mentioning practical examples for each item.
3- A practical model for calculating zakat, according to the executive regulations for collecting zakat in the Kingdom of Saudi Arabia.
4- A statement of the most prominent practical errors that the accountant makes, which leads to financial fines or charging the company with additional undeserved zakat amounts.

Sources:

We relied on experts and specialists in the field of external auditing and zakat consultations, to work on feeding the practical model with the greatest possible possibilities in various types of companies, in addition to the executive and explanatory regulations issued by the Zakat, Tax and Customs Authority.