News Middle East23 Feb 2021

Saudi Arabia:Bupa Arabia settles US$32m of zakat and tax claims

| 23 Feb 2021

Bupa Arabia for Cooperative Insurance has announced that it has reached a final settlement agreement on the payment of zakat, income and withholding tax claims with the General Authority for Zakat and Tax.

The total settled amount was SAR120.12m ($32.03m).

In a statement filed with the Saudi bourse, Tadawul, Bupa Arabia says that the settlement agreement relates to all assessed zakat and income/withholding tax differences for the years 2008 through 2016, and 2018.

The settlement is not expected to have a material impact on the company’s financial results, as most of the assessed differences have been provided for previously.

Bupa Arabia posted a net profit before zakat and income tax of SAR712.7m for 2019, an increase of 35.6% as compared to SAR525m for 2018. For the first nine months of 2020, Bupa Arabia’s profits before zakat increased by 29% to SAR739m, compared to SAR571m for the corresponding period last year.


 

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