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Zakat and taxation system are two important elements in an Islamic fiscal system. While both are imbued with the elements of obligation and compulsion (al-Qaradawi, 1999), they are two distinct concepts which need to be comprehensively understood and appreciated by the Muslim public. Based on this premise, it would be advantageuos that these concepts being elaborated in order to enhance the level of awareness and understanding among the Muslims so as to improve their compliance to these systems. This paper provides a discussion on conceptual comparison between zakat as prescribed in this deen of Islam and taxes as decreed by man made taxation systems. The paper reviews both concepts from the point of view of their meanings, objectives and purposes, sources of regulation, conditions of zakatable or taxable assets, requirements of chargebality as well as their rates.