Silvya Eka Marenza
Corporate Zakat Has a Bigger Potential Than Individual Zakat
Agama | 2023-03-28 17:31:58Corporate zakat is more powerful than individual zakat. Hence, USTAZ DR ONI SAHRONI, a member of the National Sharia Council of the Indonesian Ulema Council, must oversee the poor's and wealthy's blessings.
Legal Foundation
Companies are required to pay zakat in accordance with general scriptures such as:
1. Al-Quran al-Baqarah letter: 267
“O you who believe, spend some of the results of your virtuous efforts.
2. Letter at-Taubah from the Quran: 103.
"You collect zakat from their wealth and use it to clean and purify them."
3. Imam Bukhari's narration of a hadith
From Muhammad bin Abdillah al-Ansari from his father, he said that Abu Bakr r.a. has written a letter containing the obligations ordered by Rasulullah SAW., as follows: “ And do not put together (collect) assets that were originally separated. On the other hand, don't separate assets that were previously combined for fear of zakat. And the assets accumulated by the two people who share are returned to them equally."
Based on the reasoning above, in the First International Conference on Zakat in Kuwait (29 Rajab 1404 H) it was said that the requirement of zakat is very much tied to the company, hence from the outset there must be an agreement between shareholders so that sincerity and satisfaction arise.
Trade and companies are among the zakat objects for which zakat is obligatory to be issued, according to Law No. 38 of 1999 on Zakat Management.
The corporate zakat is similar to the trade and stock zakat. As a result, the firm has one of two options: (1) pay corporate zakat as an entity, similar to an individual managing business activities, or (2) pay corporate zakat as an individual managing business activities. Or (2) zakat on shares because the shareholder is the company's owner. When the corporation has paid its zakat, the duties of the shareholders diminish and there is no need to issue zakat again. The corporate zakat must be paid by firm management in the amount of 2.5 percent of the company's profit referring to trade zakat. According to the OIC Fiqh Institute Decree No. 28 (3/4) about Zakat on Business Shares, the I International Conference on Zakat (29 Rajab 1404 H), and PMA No. 52 of 2014, as well as the 7th Year 2021 MUI Fatwa Commission Ijtima'Ulama Resolution respecting Company Zakat Law.
The MUI and global fatwa authority must choose due to the large number of poor people who exceed social donations and even zakat potential. Therefore, the chosen opinion must benefit the poor and bless the wealthy. The company fulfills compulsory zakat's asset development requirements. "The substance of zakat does not apply except to rising assets," Ash-Shan'ani declared.
According to al-khiltah and milkiah, when individual shares are amalgamated into company shares, the firm owns them all. As a legal entity with rights and obligations; like an individual because the corporation has independent responsibilities from shareholders.
The Ijtima' Decree of the Fatwa Commission defines the zakat obligation criterion for businesses: "Company assets are subject to zakat under the following conditions: satisfying the criteria for company assets that are obligatory of zakat (current company assets, company funds invested in other companies, and physical assets managed in leasing or other businesses), it has been ongoing for one year, and certain nisab levels of zakat are met according to the business sector" (Decision of the Ijtima' Ulama MUI Fatwa Commission 7th Year 2021).
There are two approaches to calculating the corporate zakat:
1. The calculation of zakat for trading enterprises is based on the balance sheet, where the assets that must be zakat are current assets less current liabilities (debt due).
2. Service companies: Zakat is calculated based on net income (Profit and Loss Statement) with current obligations (debt due). The calculation of zakat for service companies is dependent on corporate profits (Profit and Loss Statement).
"The technique of calculating corporate zakat is based on net profit after deducting operational costs, before paying taxes and deducting profit sharing (dividends) for future investment and various other objectives" (Decision of Ijtima' 7th Fatwa Commission) is one example of a calculation method.
Among the examples is the decision of the Management of one of the Islamic banks to permit the company to pay zakat equal to 2.5% of its income. Also, it would be very beneficial if there were regulations regulating and obligating enterprises to complete their zakat commitments (as long as they meet the compulsory zakat standards) in order to expand the social contribution tap for mustahik, dhuafa, and the destitute.
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