Following the now-settled year-long dispute between banks and Saudi Arabia’s General Authority of Zakat and Tax (GAZT), new regulations on the collection of Zakat will be implemented in early 2020 to enhance transparency and efficiency, while boosting the development of the capital market. MARC ROUSSOT reports. The new set of rules includes updated calculation of Islamic tax for financial institutions to raise the level of commitment and reduce disputes that may arise between the GAZT and taxpayers. It also defines....