Classifies elections as five-year or annual and governs how they are made, revoked and locked in.
What should you do now?Maintain an election register showing Article, entities, start and end year and approver.
What does the official Article provide?
The official source is Arabic. This English commentary is explanatory and is not presented as an official translation.
Classifies elections as five-year or annual and governs how they are made, revoked and locked in.
This is a verified summary rather than a verbatim reproduction. Consult the official Arabic text, the Law and later decisions before making a final determination.
What does the Article mean in plain language?
Make and revoke elections through NBR's prescribed process. Distinguish five-year elections, including stock compensation, hedging, realisation and currency, from annual elections requiring renewal for later years. Selecting an option in Madar does not file an election with NBR. Record type, scope, start and binding years and revocation effects, and check the specific Article for first-year or irrevocability provisions beyond the general lists.
The filing entity and compliance, finance, legal and governance teams.
Maintain an election register showing Article, entities, start and end year and approver.
Treating a tool selection as official filing or changing a multi-year election annually.
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Is this Article enough on its own?
Usually not. Read it with the connected Law Article, definitions, any effective election and current NBR guidance, especially for an amount or deadline.
Does NBR guidance replace the Regulations?
No. Guidance explains application and supports procedures and examples, but current legislation and decisions prevail in case of inconsistency.