Marafiq reaches settlement with “Zakat and Tax and Customs” on zakat differences for 3 years at SR64.2 mln

Power and Water Utilities Company for Jubail and Yanbu (Marafiq) announced the conclusion of a final settlement agreement with Zakat, Tax, and Customs Authority regarding the Zakat differences for the years 2015, 2016, and 2017 of a total amount of SR 64,199,735.
This comes based on the subscription prospectus issued by Power and Water Utilities Company for Jubail and Yanbu (Marafiq) in the risks section Risks related to Zakat claims where it was mentioned that Zakat, Tax, and Customs Authority had imposed Zakat differences on the Company for the years 2015, 2016, and 2017 of total amounts SR99,800,000.00.