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Zakat Calculation in TRCS

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edited Jul 8, 2020 9:16AM in Tax Reporting (Direct Tax) 5 comments

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Hi

I am looking for an approach to calculate the Zakat amount in TRCS. Zakat is similar to wealth tax and this is in addition to corporate tax calculation.

Here is the Zakat Formula - Share Capital Opening Balance - Dividend Paid + Provision Opening Balance - Investment Closing Balance - Dues from Related Party Closing Balance...

This calculation generates the Zakat base amount and then apply Zakat rate on this base amount to calculate the Zakat.

Is there any way that we can use Tax Automation screen to calculate the Zakat amount or any other approach.

 

 

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