Ibrahim Al-Mufleh, director general of the Department of Zakat and Income Tax, has estimated the annual growth of Zakat at 15 to 20 percent. He pointed out that Zakat incomes for this year reached SR25 billion, while last year’s tax income was SR11.5 billion and Zakat income was SR13.5 billion.

At the same time, he said, American companies in the Kingdom will be required to reveal their tax data to Internal Revenue Service (IRS) in the United States. The Kingdom is expected to apply this law in the first half of 2015; the Zakat department will send tax data to the United States.

Al-Mufleh told a press conference on Sunday at the Zakat department headquarters that the Fifth Annual Conference for Tax in the MENA will be held in Riyadh on Tuesday. The conference will discuss topics related to taxation, including a number of global tax initiatives.

"This annual conference is organized by Zakat and Income Department in collaboration with the International Center for Tax and Investment and under the sponsorship of the Minister of Finance Ibrahim Al-Assaf, with the participation of a number of government officials and experts of international organizations," he added.

The conference will focus on the Kingdom’s economic and investment developments, and efforts in the international tax field.