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Zakat On Business
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zakat to be paid
3
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100% Individual
Tax Rebate
Zakat payers will receive 100% tax rebate from the Inland Revenue Board of Malaysia (LHDN)
2.5% Business Tax Rebate
Company will receive a 2.5% tax rebate from the Inland Revenue Board (LHDN).
Directly To Selangor Zakat Board
Your zakat payment will go directly to the bank account of the Selangor Zakat Board, without passing through any other entity's account
Zakat Distributed To Asnaf
The collection of Zakat proceeds is directly channeled to Asnaf groups in Selangor through the Selangor Zakat Board
Benefits of Paying Zakat
100% Individual Tax Rebate
Zakat payers will receive 100% tax rebates from the Inland Revenue Board of Malaysia (LHDN)
2.5% Business Tax Rebate
Company will receive a 2.5% tax rebate from the Inland Revenue Board (LHDN).
Directly To Selangor Zakat Board
Your zakat payment will go directly to the bank account of the Selangor Zakat Board, without passing through any other entity's account
Zakat Distributed
To Asnaf
The collection of Zakat proceeds is directly channeled to the Asnaf groups in Selangor through the Selangor Zakat Board
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Lembaga Zakat Selangor
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Zakat on Business
Zakat is a form of almsgiving in Islam that is mandatory for all Muslims who are financially able to do so. In a business context, zakat on business is typically calculated as a percentage of a company’s net profits, and is used to support the poor and the needy in the community. It is considered an act of worship and a way for Muslims to fulfill their social and moral responsibilities to others. Many Muslim-owned businesses include zakat as part of their financial planning and consider it an important part of their overall corporate social responsibility efforts.
Assets That Are Considered For Zakat
In calculating zakat for business, the assets that are considered for zakat are typically the same as those that are considered for personal zakat, which includes the following:
- Cash and other financial instruments: This includes cash on hand, bank deposits, stocks, bond, and other financial assets that are owned for a year or more.
- Trade goods: This includes goods that are bought and sold for profit, such as inventory, raw materials, and finished products.
- Agricultural produce: This includes crops, livestock, and other agricultural products that are produced for sale.
- Precious metals and gems: This includes gold, silver, and other precious metals, as well as precious and semi-precious stones such as diamonds and other gems.
It’s important to note that zakat on business is only applicable to these assets if they meet a certain threshold amount in total, called the “nisab.” The assets must also have been owned by the business for a full lunar year, known as a full “haul.” The haul indicates how often should zakat be paid, which is only once a year once a haul is completed.
Business Liabilities
In calculating zakat for business, the assets that are considered for zakat are typically the same as those that are considered for personal zakat, which includes the following:
- Cash and other financial instruments: This includes cash on hand, bank deposits, stocks, bond, and other financial assets that are owned for a year or more.
- Trade goods: This includes goods that are bought and sold for profit, such as inventory, raw materials, and finished products.
- Agricultural produce: This includes crops, livestock, and other agricultural products that are produced for sale.
- Precious metals and gems: This includes gold, silver, and other precious metals, as well as precious and semi-precious stones such as diamonds and other gems.
It’s important to note that zakat on business is only applicable to these assets if they meet a certain threshold amount in total, called the “nisab.” The assets must also have been owned by the business for a full lunar year, known as a full “haul.” The haul indicates how often should zakat be paid, which is only once a year once a haul is completed.
Zakat On Business Calculations
The amount of due zakat for business assets is similar to personal or individual zakat, which is at 2.5% on assets that are eligible for zakat on business calculation. This is based on the hadith which states that Ali narrated that the Messenger of Allah (SAW) said:
“When you possess two hundred Dirhams at the end of the year (if you still have all of them), five Dirhams are levied on them as Zakat. There is nothing upon you (to be paid) in gold, until it reaches (the value of) twenty Dinars. When you possess twenty Dinars, at the end of the year, then there is half a Dinar levied on it (as Zakat). Any additional amount will be calculated in the same manner. No Zakat is to be paid on monetary holdings, until they have been owned for one year.” [Abu Dawud]
To calculate zakat on business, the following steps can be followed:
- Determine the net value of the business’s assets that may include cash on hand, accounts receivable, inventory, investments, and other assets. The value of any debt or liabilities should be subtracted from the total value of the assets to determine the net value.
- Determine the zakat threshold or “nisab” in your state where your are paying zakat on business in Malaysia. Generally, the nisab is pegged to the value of 85 grams of gold. In 2022, the value has been determined at RM21,432.
- Calculate zakat on business due: If the value of your assets is at least the above amount, then you will need to pay the rate of 2.5% x RM21,432. Thus, to pay zakat on business, the amount is RM535.80.
It’s always a good idea to consult with a qualified financial advisor or Islamic scholar if you have any questions about your zakat obligations. If you’d like to gauge how much zakat on business income you have to pay, do use the calculator here.