Chapter 9 : Business Zakat
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Chapter 9 : Business Zakat

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Zakat Muamalah

Zakat Muamalah

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    Chapter 9 : Business Zakat Chapter 9 : Business Zakat Presentation Transcript

    • Group Members Nurfarah Idayu Chai Hui Syin Kit Mey Yan Nur Amanina Lecture Name : Mohd Adib Bin Abd Muin
    • Introduction of Zakat Zakat is a compulsory tax levied by an Islamic state on the members of the Muslim community Zakat” means to make something increase or grow. Zakat is a reminder to owners of wealth and wage earners than this is a religious obligation and a social responsibility. The word Zakat itself shows that wealth which is not spent judiciously and wisely on one’s self or others, generates evil in the society.
    • ASSETS SUBJECT TO ZAKAT Money, livestock, property, etc are called growing assets since they have the potential to grow or generate income The assets must be lawfully and completely ownedThe assets should be in excess of basic needs. When fixed assets are used to generate growth, zakat is assessed on the growth only and the fixed assets itself is exempted from zakat. For example, building are exempted from zakat but their growth (i.e., rent) is subjected to zakat at the rate of 10% of the net income. Zakat is 10% on the net income after deductingallassociated expenses including any taxes and amortization ,and 5% if calculating on the gross income
    • Liability of Zakat Liabilities: If there is any Income Tax or Sales Tax payable to Government on the date of calculation of Zakat, such liabilities you may deduct before arriving at the net wealth. NOTE: Payment of Income Tax or Sales Tax does not fulfil your liability towards Zakat and you cannot deduct Income Tax payments from your net Zakat. Only tax liability, if due on the date of Zakat calculation is detectable from the nett assets. Zakat is apart from Income Tax and Wealth Tax
    • THE OBLIGATORY OF BUSINESS ZAKAH TO BE MUSLIM FREEDOM VALID OWNERSHIP REACH THE NISAB REACH THE HAUL
    • BASIS OF THE ASSETS IN ZAKAH Full Possession Forbidding Twice Payment of Zakah at the Same Year Real or Assumed Growth The Lapse of a Full Year Fulfilling the Nisab (Minimum Amount Liable To Zakah) Fulfilling One’s Basic Needs
    • ZAKAH EXEMPTION Nonproductive fixed assets While not perfectowned assets Funds in the business for charity exempt zakah Productive fixed assets Noncurrent assets Credict scheme members Net result is zakah has done receipts Retention time to the non-current assets at the end of haul will be zakah Operating current liabilities only No illegal proceeds will be zakah
    • THE 8 BENEFICIARIES (ASNAF) THE POOR THE NEEDY THE ADMINISTRATION OF ZAKAT (AMIL)
    • THE SYMPATHIZERS (MUALLAF) TO FREED SLAVES (RIQAB) THOSE WHO ARE IN DEBT (GHARIMIN)
    • FOR THE CAUSE OF ALLAH (FISABILILLAH) THOSE WHO ARE STRANDED DURING A JOURNEY (IBNU SABIL)
    • CALCULATION ZAKAH METHOD OF GROWING CAPITAL (URFIYYAH)  owner’s + long-term - fixed - non-current +- adjustment equity liabilities assets assets METHODS OF WORKING CAPITAL (SYAR’IYYAH)  Current assets – current liabilitis and (+-) adjustment If the property exceeds nisab business(value of 85gm gold during assessment)and sufficient haul business a year,then the property is by 2.5% only.
    • EXAMPLE ZAKAH CALCULATION ZAKAH OF FIXED ASSETS PAK ALI HAS 20 HECTARE AGRICULTURAL LAND AND HE RENTS TO OTHER PEOPLE 1000 RIYAL OF THE ONE HECTARE,THE RENTER PLANTING WHEAT AND GET OUTCOME 14.4 TAN WHEAT WITH PRICE 4OOO RIYAL FOR ONE TAN,AFTER THAT RENTER PAYING WAGES OF PLANTING 12000 RIYAL AND IN FLUSH USING RAIN WATER AND RIVER WATER. TOTAL INCOME (14.4 X 4000) 57600 IN LESS: GROUND RENT 20000 WAGES OF PLANTING 12000 TOTAL COST 32000 NET INCOME 25600 THE NET INCOME ABOVE EXCEED NISAB AND BE CHARGE ZAKAT 10 % BECAUSE USING RAIN WATER AND RIVER.
    • VALUE OF ZAKAT IN NATURE OF MONEY : 25600 X 10 /100 =2560 VALUE OF ZAKAT IN SHAPE THING (ZAKAT OF RENTER): 2560/4000 X 1000 =640 KILOGRAM NISAB OF ZAKAT PLANTING 653KG X 4 RIYAL =2612 RIYAL NISAB ZAKAT RENT (MONEY)85 GRAM GOLD, INCOME CAN BE CHARGE,ZAKAT OF LAND OWNER: 20 X 1000= 20000 RIYAL.
    • THIS TOTAL EXCEED THAN ZAKAT NISAB AND CAN BE CHARGED ZAKAT AT THE RATE 10 PERCENT. VALUE OF ZAKAT BE CHARGED INNATURE OF MONEY TO LAND OWNER IS: 20000 X 10 /100 = 2000 RIYAL DESCRIPTION: ONE TAN =1000 KILOGRAM ONE KILOGRAM =1000 GRAM ONE HECTARE =10000 SEQUARE METER =10 DUNUM ONE DUNUM =1000 SQUARE METER