Regulatory Payments
Zakat and withholding tax The Company submitted all Zakat returns up to 2012, as well as withholding tax returns till October 2013. Zakat assessments were approved by the Department of Zakat and Income Tax (DZIT) for all years up to 2000. DZIT conducted assessments of Zakat, withholding tax from 2000 till 2007, and ordered Bahri to pay additional amount of SAR 22 million. The Company filed an appeal with DZIT against some items in those assessments and their calculation methods. DZIT accepted the appeal. The Company discussed the appeal with the second preliminary committee, paid Zakat of 2013, and will file its Zakat return for 2013 in 2015. In addition, the Company has not received the Zakat assessments for the remaining years from 2008 till 2012. The Company believes that it has made adequate allocations for Zakat and withholding tax as of December 31, 2014. Zakat and tax position of NCC National Chemical Carrier Ltd. Co. (NCC) filed all Zakat returns up to 2013 and the withholding tax till November 2014. NCC paid all Zakat and withholding tax according to the said returns. It also received additional assessments of Zakat and tax for the period from 1991 to 2004.In response, NCC filed an appeal with DZIT against some of the items in such assessments and reached a settlement with DZIT. According to the settlement, the Zakat due was SAR 54 million of which NCC paid SAR 26 million in 2011, while the remaining amount would be paid in installments as of July 2013. In addition, NCC received assessments of Zakat and withholding tax for the period from 2005 till 2008, and NCC filed an appeal with DZIT regarding some items in the assessments. The appeal is still in progress. NCC believes that it has made adequate allocations for Zakat and withholding tax as of December 31, 2014.
Zakat and tax position of BDB Bahri Dry Bulk (BDB) filed all Zakat returns till 2012 and has not received Zakat assessments from DZIT. BDB will file its Zakat return of 2013 in 2015. BDB believes that it has made adequate allocations for Zakat and withholding tax as of December 31, 2014.
Statement of accrued regulatory payments as of December 31, 2014
Description
Bahri
NCC
BDB
Zakat
13,019,843
6,871,688
-
Withholding tax
1,751,095
4,795,488
6,372,152
Social insurance provision
5,827,507
562,590
21,106
75
The National Shipping Company of Saudi Arabia ( )
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