Deputy Governor

No.: 4473/BC/143

Date: 17-4-1410 H

Attachments : 2

Circular to All Banks Operating in The Kingdom

Greetings,

Attached herewith please find forms of guarantees for final assessment of income tax, delay penalties and Zakat, as proposed by DZIT.

Please be informed, use this form when issuing guarantees in favor of DZIT and instruct your branches to act accordingly.

Regards,

Deputy Governor

By: J. A. Al-Suhaimi

Kingdom of Saudi Arabia

Ministry of Finance & National Economy

Income Tax Department ('DZIT')

P. O. Box ______________________

Subject: ________________

Date: ________________________ No. _____________________

                                              Place:_________________________________________

                                              Guarantee No.:________________________________

                                              Date:__________________________________________

Name of Bank (Issuer of Guarantee__________________________________)

Guarantee Re Final Assessment of Income Tax, Delay Penalties and Zakat for the period from _____/_____ / to____ /_______/.

HE the Director General of DZIT

Ministry of Finance & National Economy

Greetings,

As you have requested our clients _____________ address _______________CR or License No. _____________ to submit a letter of guarantee in the amount of (SR____________) (in writing_________________) against the payment of income tax, delay penalty and Zakat due by them for the period from ______/________ / to __________/____________ / as per final assessment by DZIT,

We____________________ Bank warrant and guarantee irrevocably and unconditionally that we place at your disposal up to SR _________________________upon receiving your first written notice during the effective date of this guarantee, notwithstanding any objection by our above mentioned client or any other party inside or outside the Kingdom of Saudi Arabia.

This guarantee shall remain effective for (year) starting from the date it is signed until the end of the____________ day of________________,

Furthermore, we undertake to extend the validity of this guarantee for another period (s) upon your request without seeking the approval of any other party. Any request to pay the value of this guarantee or to extend its validity must be received by us during the period of its validity.

Any dispute re the construction of the conditions of this guarantee shall be subject to Saudi regulations.