Paying zakaat for one's business when one has zakaatable wealth

Q: I have taken over a running business in January of this year (2021). I am owing on this business for the next three years. With regards to zakaat, do I commence paying immediately or after 1 lunar year?

Also, for the merchandise on hand, when calculating zakaat do I use the cost price or the selling price of the goods?

A: If you already have zakaatable wealth, then immediately with your other wealth.

The market related price.

And Allah Ta'ala (الله تعالى) knows best.

 

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)