Tax and zakat accounting & insurance accounting

College of Administration and Finance Sciences
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
Q1. The Saudi Income Tax Law have distinguished between Saudi-owned entities and nonSaudi persons and entities. Discuss the difference between the two groups with regards to
income tax law?
(5 Marks)
Answer:
Q2. Explain how the tax base is calculated according to Article (6) of the income tax law. (5 Marks)
Answer:
Q3. Discuss the types of activities that are considered taxable according to Saudi income tax.
(5 Marks)
Answer:
4. For a payment known as premium, insurance entities agree to relieve the policyholder of all
or part of a risk and to spread the total cost of similar risks among large groups of
policyholders. In the light of this sentence explain the various types of Insurance.
(5
Marks)
5. Adjustments to premium written and unearned premiums can result from Cancellation,
Endorsement, Audit Premiums and Retrospective Premium Adjustments. Explain in detail.
(5 Marks)
College of Administration and Finance Sciences
6. The reporting and payment characteristics of an entity’s losses will differ depending on the
types of policies written. Insurance policies may be categorized in several different ways like
policy duration, type of coverage provided and the kind of insurance underwritten. Explain in
detail.
(5 Marks)