Regulatory Alerts2011-01-01
Foundations (Amendment) Act, 2011
Issued by the President and National Assembly, this Act amends the Foundations Act, 2009 to enhance regulatory oversight and operational compliance for foundations. It establishes a statutory definition of accounting records, mandates accurate financial reporting and timely address notifications, and empowers the Registrar to conduct compliance inspections with penalty provisions of up to SR300,000 for obstruction. The legislation further updates foundation registers and court application procedures while replacing the original schedule with explicit tax exemptions and concessions.
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