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In Iraq, many peasants who had fallen behind with their tax payments, converted to Islam and abandoned their land for Arab garrison cities in hope of escaping taxation. [ 186 ] [ 188 ] Faced with a decline in agriculture and a treasury shortfall, the governor of Iraq al-Hajjaj forced peasant converts to return to their lands and subjected them ...
Founded in 2003 by the eleven Islamic countries including Pakistan, it is focused on improving and maintaining Islamic taxes, including zakat policies for rapid economic development in the member states. [2] It also serves as a forum of discussion and research institute for the matters associated with the Islamic taxation system.
Islamic taxes are taxes sanctioned by Islamic law. [1] They are based on both "the legal status of taxable land" and on "the communal or religious status of the taxpayer". [1] Islamic taxes include zakat - one of the five pillars of Islam. Only imposed on Muslims, it is generally described as a 2.5% tax on savings for charity.
Other forms of taxation on Muslims or non-Muslims, that have been used in Islamic history, include kharaj (land tax), [95] khums (tax on booty and loot seized from non-Muslims, sudden wealth), [96] ushur (tax at state border, sea port, and each city border on goods movement, customs), [97] kari (house tax) [98] and chari (sometimes called maara ...
For companies, the tax day (i.e. tax return due date) is now the 15th day of seventh month following the end of income year; alternatively, where that fifteenth day is before 15 September, the tax day is 15 September of the year following the end of the income year. [3]
Islamic government raises revenue "on the basis of the taxes that Islam has established", namely khums (a 20% tax on commercial profits), zakat (a tithe of 2.5%), jizya (a tax on non-Muslims), and kharaj (a tax on land owned by non-Muslims). [50] [note 5] This will be plenty because khums is a "huge source of income". [51]
Islamic law recognizes private and community property, as well as overlapping forms of entitlement for charitable purposes, known as waqf or trusts. Under Sharia law, however, ownership of all property ultimately rests with God; while individual property rights are upheld, there is a corresponding obligation to share, particularly with those in ...
A supporter of Islamic economics describes a "major difficulty" faced by Islamic reformers of Islamic economics and pointed out by other authors, namely that because a financial system is an "integrated and coherent structure", to create an Islamic system "based on trust, community and no interest" requires "changes and interventions on several ...