SOCPA Board approves amendments to the Governing Rules for Zakat and Tax Accounting Services

SOCPA Board approves amendments to the Governing Rules for Zakat and Tax Accounting Services

Acting under its authority and in coordination with the Ministry of Commerce, the Board of Directors of the Saudi Organization for Chartered and Professional Accountants (SOCPA) has approved a set of amendments to the Governing Rules for Zakat and Tax Accounting Services. 
The amendments revise Article (1), Article (6), and Article (18) as follows: 
Article (1): Delete the definition of “Ministry,” add a definition of “Board of Directors,” and amend the definition of “License” to read: “A document issued by SOCPA that allows the person to whom it is issued to practice the profession in accordance with the conditions and requirements specified in the Rules.” 
Article (6), paragraph (4):  SOCPA shall review applications that are complete with all required information and attachments, and the applicant must pay the license fee as determined by the Board. Paragraph (5): SOCPA shall decide on the application within a period not exceeding 15 business days, and the applicant may appeal a rejection before the competent court. 
Article (18):  A licensee whose license has been cancelled pursuant to the Rules may apply for re-licensing after three years have elapsed from the effective date of the cancellation decision. The Board, or its designee, shall decide on the application, and the conditions and procedures prescribed for issuing the license shall be followed for re-licensing.     
It is noted that the above amendments will take effect as of the effective date of the Governing Rules for Zakat and Tax Accounting Services.