College of Administration and Finance Sciences
Assignment (1)
Deadline: Saturday 07/10/2023 @ 23:59
Course Name: Tax and Zakat Accounting
Student’s Name:
Course Code: ACCT 422
Student’s ID Number:
Semester: First
CRN:
Academic Year: 1445 H
For Instructor’s Use only
Instructor’s Name:
Students’ Grade:
/15
Level of Marks: High/Middle/Low
Instructions – PLEASE READ THEM CAREFULLY
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The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
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Assignments submitted through email will not be accepted.
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Students are advised to make their work clear and well presented, marks may be reduced for
poor presentation. This includes filling your information on the cover page.
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Students must mention question number clearly in their answer.
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Late submission will NOT be accepted.
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Avoid plagiarism, the work should be in your own words, copying from students or other
resources without proper referencing will result in ZERO marks. No exceptions.
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All answers must be typed using Times New Roman (size 12, double-spaced) font. No
pictures containing text will be accepted and will be considered plagiarism.
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Submissions without this cover page will NOT be accepted.
College of Administration and Finance Sciences
Assignment Question(s):
(Marks 15)
Question 1: List the primary sources of income that are considered accrued in the Kingdom
according to Article (5) of the income tax law. (4 Marks)
Question 2: Discuss the concept of residency in the Saudi Income Tax Law according to article 3. (4
Marks)
Question 3: Using your own words, define Cash-Basis Accounting and Accrual-Basis Accounting
under Saudi tax regulations. (4 Marks)
Question 4: A resident capital company has both Saudi and non-Saudi shareholders and its capital is
divided between them equally. Net income for 2019 was 3,200,000 SR and was adjusted according
to the tax rules applicable in the kingdom to 3,600,000 SR. (3 Marks)
Required:
1. Compute the tax amount to be paid by the company.
2. Compute the tax amount to be paid by non-Saudi shareholders assuming that dividends paid
in cash of 800,000 SR.
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