Decision of the President of the General Tax Authority no. 8 of 2020

Dear Sirs/ Directors of the Departments
General Tax Authority
Subject: Decision of the President of the General Tax Authority no. 8 of 2020 on amendment of some of the provisions of Decision no. 8 of 2019 concerning sanctions on violating the obligations related to the application of the Common Reporting Standard

The President of the General Tax Authority,

Having pursued Law no. 24 of 2018 on Income Tax Law particularly Paragraph 8 of Article 24 thereof;

The Decision of the Minister of Finance no. 17 of 2019 on applying the Common Reporting Standard, particularly Article 7 thereof;

The Decision of the President of the General tax authority no. 8 of 2019 on the sanctions for violating the obligations related to the application of the Common Reporting Standard;

Has decided the following:

Article 1

Paragraphs no. 6 and 7 of Article 2 of the abovementioned Decision of the General Tax Authority's President no. 8 of 2019 shall be amended as follows:

Each Financial Institution, person or intermediary adopting practices in aiming at circumventing the reporting and due diligence procedures under the Common Reporting Standards and its commentary shall be subject to financial sanction of (20,000) twenty thousand Riyals.
Any Account Holder or a representative thereof, who signs or confirms an incorrect self-certification, shall be subject to a financial sanction of (5'000) five thousand Riyals.

Article 2

All competent authorities, each within its own jurisdiction, shall implement this Decision which shall come into force from the date of its issuance and shall be published in the Official Gazette.

Signature affixed

Ahmed bin Issa Al- Mohannadi

President of the General Tax Authority

issued on: 23/09/2020

corresponding to 6/2/1442 H

Contents

Article 1

Article 2

Signature affixed