(MENAFN - Arab News) The Zakat and Revenue Department said yesterday that its revenue in 2012 rose 18 percent to SR 23.5 billion.
The department attributed the increase in revenue to growing economic activities in the Kingdom last year. "Application of modern IT systems and continuous followup efforts were other reasons for the rise in revenue," it added.
Revenue earned through Zakat of trade amounted to more than SR 11 billion while revenue from taxes imposed on foreign companies reached SR 12 billion.
The department estimated the country's "Zakatable" assets at SR 450 billion.
The department disclosed plans to open five new branch offices in Jazan, Najran, Hail, Arar and Al-Jouf.
The Kingdom has signed 31 agreements with foreign countries for the avoidance of double taxation.
Twenty more accords in this respect would be signed shortly.
The department transfers the revenue from Zakat to the account in Saudi Arabian Monetary Agency daily for payment to the poor beneficiaries of social insurance.