The General Directorate for taxes and sakato in Saudi Arabia started a review of the cases on the payment of zakat (the Islamic version of tax) of banks and corporations retroactively from 2002.
In the Saudi Kingdom banks and corporations usually do not pay tax. Will have to pay a zakat of 2.5% of annual turnover or of the market value of the company.
As according to broadcaster NDTV, a number of Saudi banks reported that IRS (GAZT) significantly increased the amount required from them backdated payments. In some cases, sent the requirement is half the net annual income.
In particular, Al Rajhi Bank was required to pay for 2002-2009 years 723 million riyals ($193 million), accounting for 8% of annual net profit for the year 2017. Alinma Bank for the period 2009-2015 have to pay to 1.66 billion riyals, or 82% of net profit for 2017. From Riyad Bank authorities demanded to pay 3,54 billion rials for the years 2008-2013 (89% profit in 2017).
The reason for the claims of additional cost is in the differences of valuation of long-term investments from the point of view of zakat.