mc_gov_sa · executive_regulation · processed · 4 chunks
VISION d 2*30 السلام العربيه السعوديه KINGDOM OF SAUDI ARABIA وزاره التجاره Ministry of Commerce Implementing Regulations of the Commercial Books Law [Non-Text] وزاره التجاره Ministry of Commerce Ministerial Decree VISION لاول 230 المملكه العربيه السعوديه KINGDOM OF SAUDI ARABIA No. (699), dated 29/07/1410 H. On Issuing the Implementing Regulations of the Commercial Books Law The Minister of Commerce, Upon Reviewing Article (15) of the Commercial Books Law, issued by Royal Decree No. (61), dated 27/12/1409 H. Has decided as follows: Article (1): In the application of the Business Books Law, Merchant is defined as the individual merchant and a company which main purpose is to conduct business. Article (2): Every merchant whose capital exceeds one hundred thousand riyals shall be obliged to keep the commercial books provided for in Article (1) of the Commercial Book Law. In case disputed in terms that his capital does not exceed one hundred thousand riyals, the Ministry of Commerce may consult the General Authority of Zakat and Tax to verify the merchant's capital. Article (3): The original journal, the inventory book and the general ledger shall be in accordance with the forms attached to these Regulations. The data for the commercial books may be recorded through the automated account for the establishments and companies that use the computer in their accounts according to the following rules: First: The computer system should have: A. The system used to process information recorded on the computer shall allow the inspection of this information at any time. B. Printed data from the computer (outputs) shall be extracted periodically and regularly (weekly, monthly, quarterly, etc.); in Arabic, numbered pages and dated, and shall include all the information entered to the computer to be a reference document to determine any additions or deletions from the information printed on those outputs, so that the items appearing in the outputs can be linked and compared to individuals inputs. C. Each of the items appearing in the output must be supported by a written document. In the absence thereof, due to the direct input of the information into the computer, the item must be reinforced by written clarification. D. The possibility of extracting and re-extracting the above-mentioned outputs is available at any time. E. The entity shall document the information entry and routing system (accounting restrictions) in the computer and the computer programs if it is prepared by the establishment itself, Computer and the functions and terms of reference of the individuals who operate it, for reference when needed. F. The establishment shall have sufficient safety means to ensure the security and safety of computers and its programs and to have sufficient controls to prevent tampering with Programs and information installed on the computer "inputs and outputs" and that can be checked and reviewed means and controls. +966 11 294 4444 | Riyadh 11162 YouTube | SaudiMCI Kingdom of Saudi Arabia | المملكه العربيه السعوديه www.mci.gov.sa 2 [Non-Text] VISION ل.د.د.د 230 المركه العربيه السعوديه KINGDOM OF SAUDI ARABIA وزاره التجاره Ministry of Commerce Second: Commercial establishments that use computers for their books shall be directly responsible for the accuracy of the accounting data recorded in the commercial books and in conformity with what was actually kept of such data, documents and information stored in the files. In the event of any violation, as required by the regulations and instructions adopted. Third: The accountant who reviews the accounts of the entity shall submit a report (confirmations verification) supporting the confirmation issued by the entity's management that the data on the commercial books have been entered to the computer according to the Law and that the data appearing in the financial statements of the entity conform to the reports extracted from the computer. Article (4): Prior to using any commercial books, each page thereof shall be numbered and shall be submitted to the district Chamber of Commerce and Industry in the merchant's area of activity for approval by the signature of the competent employee on the first and last pages of each book and by endorsing the Chamber's stamp, upon verifying the numbering sequence. Article (5): In each Chamber of Commerce, a special register shall be assigned to register the number of commercial books approved for each merchant, their types and date of approval, in addition to the names of the merchant's projects for which the books shall be assigned. Article (6): Commercial books shall be free of any spaces, writing in margins, writing off or insertions in between what is already written in them. In the event of errors in any data entry, such error shall be corrected by another record at the date of its discovery. Article (7): The merchant may not use a new book unless all pages of the last book re used and the last page therein is signed after the last entry by one of the licensed legal accountants and issuing a certificate from the accountant with the same, or upon submitting the book to the competent employee in the competent commercial and industrial chambers to sign for the same purpose. Article (8): The merchant and his heirs shall, upon ceasing the business activity, submit the commercial books of the shop to the competent employee in the Chamber of Commerce and Industry to mark them accordingly. Article (9): A decree by the Minister of Commerce is required for the appointment of the employees of the Chambers of Commerce and Industry assigned to carry out the commercial books tasks as provided for in these Regulations. Article (10): The Public Prosecution representative in the Ministry and its branches, each according to its jurisdiction, shall undertake general prosecution before the Board of Grievances for violations of the provisions of the Commercial Book Law and its Implementing Regulations. +966 11 294 4444 | Riyadh 11162 @ Saudi MCI Kingdom of Saudi Arabia | المملكه العربيه السعوديه www.mci.gov.sa 3 [Non-Text] وزاره التجاره Ministry of Commerce VISION d_jj 230 المملك العربيه السعوديه KINGDOM OF SAUDI ARABIA Article (11): This Decree shall be published in the Official Gazette and shall enter into force as of the date of its publication. Ministerial Decree No. (633), dated 14/07/1423 H. On the amendment of Article (3) of the Implementing Regulations The Minister of Commerce With his powers Upon reviewing the Commercial Books Law promulgated by Royal Decree No. (M/61), dated 17/12/1409 H., its Implementing Regulations issued by Ministerial Decree No. (699), dated 29/07/1410 H. and the subsequent amendments issued by Ministerial Decree No. (1110), dated 24/12/1410 H.; and upon perusal of the decision of the Board of Directors of the Saudi Organization for Certified Public Accountants (SOCPA) No. (13/2), dated 25/02/1423 H., corresponding to 08/05/2002 and the memorandum of the Legal Department dated 04/05/1423 H., Has decided as follows: First: Addition of the words "in Arabic" to the third line of item (First/B) of the Regulations of the Commercial Books Law, so that the text after amendment shall be as follows: (B) Printed data from the computer (outputs) shall be extracted periodically and regularly (weekly, monthly, quarterly, etc.); in Arabic, numbered pages and dated, and shall include all the information entered to the computer to be a reference document to determine any additions or deletions from the information printed on those outputs, so that the items appearing in the outputs can be linked and compared to individuals inputs". Second: The text of Article (3.3) of the Implementing Regulations of the Commercial Books Law shall be replaced by the following text: "The accountant who reviews the accounts of the entity shall submit a report (confirmations verification) supporting the confirmation issued by the entity's management that the data on the commercial books have been entered to the computer according to the Law and that the data appearing in the financial statements of the entity conform to the reports extracted from the computer". Third: This Decree shall be published in the Official Gazette and shall be in force ninety days from the date of its publication. Fourth: The competent authorities shall implement this Decree in their respective fields. +966 11 294 4444 | Riyadh 11162 Kingdom of Saudi Arabia | المملكه العربيه السعوديه f YouTube www.mci.gov.sa 4