Kuwait-Mubasher: Munshaat Real Estate Projects said that the Department of Zakat and Income Tax in Saudi Arabia has notified the company with the tax on Munshaat’s profits which have been achieved since the company entered the Kingdom, as well as its corporate responsibility for capitalistic taxes on some exits, the Kuwaiti company said in a bourse statement.
The tax claims are worth SAR 1.9 billion or KWD 153.34 million ($505.7 million), Munshaat noted, adding that it would increase the provisions for this matter by KWD 4.8 million that will be registered in Q4-15. It clarified that no financial impact will result in from such claims.
Munshaat stock settled at 11:37 am Kuwait local time in Monday’s trading session after declining 1.22% on Sunday.
