Zakat due on a company
I own a company dealing in computers and computer parts. A year has passed since its establishment and I want to know how to pay the zakat due on this enterprise.
Please note that there are debts, both for and against the company, as well as some stored goods since the company was first established. Are these debts and goods included in the calculation of my zakat?
Zakat is paid after one lunar year has passed and is calculated as follows:
o Deducting the company's liabilities
o Adding any debts owed to the company
o Appraising the goods in the company at its sale price i.e. the wholesale price (the circulating capital without calculating fixed assets)
The amount due is 2.5 %.
Allah Almighty knows best.