Shoura approves draft law on Zakat collection
RIYADH – The Shoura Council on Monday approved the draft law on collection of Zakat from commercial and vocational establishments.
The Shoura endorsed the law after listening to the concerned committee’s report containing the viewpoints and opinions of members. The report was read out by Sheikh Suleiman Al-Majed, chairman of the committee.
The law consists of 34 articles that regulate the rules for collection of Zakat from commercial and vocational establishments. These rules will be applicable to all those who practice businesses as well as to closed investment funds, properties set for sale or renting, including barren and developed land. However, there will be an exemption for charity societies and organizations not making profits.
In another decisions, the Council rejected a proposal to amend Article 6 of the law for Saudi Council of Engineers, concerning the functioning of its board of directors. The Council also approved carrying out appropriate study on the draft law for reserve fund for pensioners.