Only 60 days separate us from the expiration of the deadline to correct the terms of violators of the anti-commercial cover-up system set by the relevant authorities in Saudi Arabia, which began on August 23 and will continue until February 16, 2022.
After the end of the correctional period, the mechanism of inspection work will be stricter and with new methods based on artificial intelligence in the analysis and control of data of violating establishments and with the imposition of severe penalties, which may extend to 5 years, or with fine. Will arrive. Up to 5 million riyals or both.
The specified time period for the reform was scheduled to end by Muharram 15, 1443 AH, corresponding to August 23, 2021, but an approval was issued by the Council of Ministers to extend it by a further six months, to make the opportunity available. For those who wanted to fix their terms of business.
The regulation includes a corrective period during which the conditions of the violator of the provisions of the system may be corrected, and the benefits provided for in the regulation may be used. In the system and its consequences, it is the payment of income tax retrospectively.
The National Anti-Concealment Program reaffirmed the intention of the Ministry of Investment to provide the opportunity to license corrective campaign beneficiaries, so that a non-Saudi could participate in an existing facility or transfer ownership to it as it received foreign investment. . License, and exemption from the requirement of international presence of the beneficiary facility, in the event that there are a number of conditions and requirements, including establishment, in accordance with the classification of the General Authority for small and medium, medium or large enterprises.
In addition to being registered in the Commercial Register before the start date of the corrective campaign, and the foreign partner resides in the Kingdom before the start of the corrective campaign, and the foreign partner’s employer has no objections when the requirements are met. Foreign Investment Law and its executive rules.
With regard to premium residency status, the non-Saudi center may obtain premium residency in accordance with the provisions of the premium residency system, and may complete the improvement of its status by taking advantage of the benefits provided by premium residency, which include Enables one to obtain an investment license in accordance with the Foreign Investment System through the Ministry of Investment.
The National Program to Combat Commercial Cover-up worked to integrate and coordinate efforts among government agencies, monitoring and monitoring the implementation of initiatives and supporting decision-making through studies, identifying the causes of commercial cover-up. With the aim of ending and achieving. The Sustainable Economic Development Program is overseen by a Ministerial Supervisory Committee, with the participation of 11 government bodies created pursuant to Royal Decree.
The corrective period for violators of the anti-cover-up system comes as part of an initiative to implement the updated anti-cover-up system, as one of 47 initiatives in the program that the commerce ministry is working on. Is. Cooperation with the relevant government agencies was issued by Royal Decree, and its approval was issued by a decision of the Council of Ministers.
60 days left to fix the thieves… and “artificial intelligence” to chase down the thieves
Qasim al-Khabrani
already
2021-12-17
Only 60 days separate us from the expiration of the deadline to correct the terms of violators of the anti-commercial cover-up system set by the relevant authorities in Saudi Arabia, which began on August 23 and will continue until February 16, 2022.
After the end of the correctional period, the mechanism of inspection work will be stricter and with new methods based on artificial intelligence in the analysis and control of data of violating establishments and with the imposition of severe punishment, which may extend to 5 years, or with fine. arrive. Up to 5 million riyals or both.
The specified time period for the reform was scheduled to end by Muharram 15, 1443 AH, corresponding to August 23, 2021, but an approval was issued by the Council of Ministers to extend it by a further six months, to make the opportunity available. For those who wanted to fix their terms of business.
The regulation includes a corrective period during which the conditions of the violator of the provisions of the system may be corrected, and the benefits provided for in the regulation may be used. In the system and its consequences, it is the payment of income tax retrospectively.
The National Anti-Concealment Program reaffirmed the intention of the Ministry of Investment to provide the opportunity to license corrective campaign beneficiaries, so that a non-Saudi could participate in an existing facility or transfer ownership to it as it received foreign investment. . License, and exemption from the requirement of international presence of the beneficiary facility, in the event that there are a number of conditions and requirements, including establishment, in accordance with the classification of the General Authority for small and medium, medium or large enterprises.
In addition to being registered in the Commercial Register before the start date of the corrective campaign, and the foreign partner resides in the Kingdom before the start of the corrective campaign, and the foreign partner’s employer has no objections when the requirements are met. Foreign Investment Law and its executive rules.
With regard to premium residency status, the non-Saudi center may obtain premium residency in accordance with the provisions of the premium residency system, and may complete the improvement of its status by taking advantage of the benefits provided by premium residency, which include Enables one to obtain an investment license in accordance with the Foreign Investment System through the Ministry of Investment.
The National Program to Combat Commercial Cover-up worked to integrate and coordinate efforts among government agencies, monitoring and monitoring the implementation of initiatives and supporting decision-making through studies, identifying the causes of commercial cover-up. With the aim of ending and achieving. The Sustainable Economic Development Program is overseen by a Ministerial Supervisory Committee, with the participation of 11 government bodies created pursuant to Royal Decree.
The corrective period for violators of the anti-cover-up system comes as part of an initiative to implement the updated anti-cover-up system, as one of 47 initiatives in the program that the commerce ministry is working on. Is. Cooperation with the relevant government agencies was issued by Royal Decree, and its approval was issued by a decision of the Council of Ministers.
December 17, 2021 – Jumada al-Awwal 13, 1443
01:25 am
Only 60 days separate us from the expiration of the deadline to correct the terms of violators of the anti-commercial cover-up system set by the relevant authorities in Saudi Arabia, which began on August 23 and will continue until February 16, 2022.
After the end of the correctional period, the mechanism of inspection work will be stricter and with new methods based on artificial intelligence in the analysis and control of data of violating establishments and with the imposition of severe punishment, which may extend to 5 years, or with fine. Arrive. Up to 5 million riyals or both.
The specified time period for the reform was scheduled to end by Muharram 15, 1443 AH, corresponding to August 23, 2021, but an approval was issued by the Council of Ministers to extend it by a further six months, to make the opportunity available. For those who wanted to fix their terms of business.
The regulation includes a corrective period during which the conditions of the violator of the provisions of the system may be corrected, and the benefits provided for in the regulation may be used. In the system and its consequences, it is the payment of income tax retrospectively.
The National Anti-Concealment Program reaffirmed the intention of the Ministry of Investment to provide the opportunity to license corrective campaign beneficiaries, so that a non-Saudi could participate in an existing facility or transfer ownership to it as it received foreign investment. . License, and exemption from the requirement of international presence of the beneficiary facility, in the event that there are a number of conditions and requirements, including establishment, in accordance with the classification of the General Authority for small and medium, medium or large enterprises.
In addition to being registered in the Commercial Register before the start date of the corrective campaign, and the foreign partner resides in the Kingdom before the start of the corrective campaign, and the foreign partner’s employer has no objections when the requirements are met. Foreign Investment Law and its executive rules.
With regard to premium residency status, the non-Saudi center may obtain premium residency in accordance with the provisions of the premium residency system, and may complete the improvement of its status by taking advantage of the benefits provided by premium residency, which include Enables one to obtain an investment license in accordance with the Foreign Investment System through the Ministry of Investment.
The National Program to Combat Commercial Cover-up worked to integrate and coordinate efforts among government agencies, monitoring and monitoring the implementation of initiatives and supporting decision-making through studies, identifying the causes of commercial cover-up. With the aim of ending and achieving. The Sustainable Economic Development Program is overseen by a Ministerial Supervisory Committee, with the participation of 11 government bodies created pursuant to Royal Decree.
The corrective period for violators of the anti-cover-up system comes as part of an initiative to implement the updated anti-cover-up system, as one of 47 initiatives in the program that the commerce ministry is working on. Is. Cooperation with the relevant government agencies was issued by Royal Decree, and its approval was issued by a decision of the Council of Ministers.
