SOCPA Approves Regulatory Rules for Zakat and Tax Accounting Services

SOCPA has approved new regulations governing Zakat and tax accounting services in coordination with the Ministry of Commerce. This approval stems from Article Nine of SOCPA's regulations (Cabinet Resolution No. 416 dated 25-07-1442H), the Law of the Profession of Accounting and Auditing (Royal Decree No. M/59 dated 27-07-1442H), and its executive regulations (Minister of Commerce Resolution No. 658 dated 14-11-1442H). The approval process also considered the freelance profession regulations (Minister of Commerce Resolution No. 349 dated 11-04-1442H) and Zakat and tax services licensing rules (Ministerial Resolution No. 40393 dated 02-09-1440H), following recommendations from the Board's Executive Committee (Resolution No. 1/1 dated 27-11-1445H, 04-06-2024).

 

The Board approved these regulations through Resolution No. 1/4 dated 05-01-1446H (11-07-2024). The framework consists of nineteen articles detailing how licensed individuals can provide Zakat and tax accounting services.

 

These regulations reflect SOCPA's ongoing commitment to advancing professional standards. For full details, please click  here.