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 Saudi Ministry of Commerce Publishes a Video of a Cement Manufacturing Company That Benefited from the Corrective Period for Anti-Concealment Law Violations

16 Feb 2022

 

The Ministry of Commerce published a video clip through its social media platforms of a commercial facility that benefited from the corrective period for violators of the National Anti-Commercial Concealment Program (Tasattur), which is scheduled to end on Wednesday, February 16, 2021.

A company that has been specialized in manufacturing cement products for 16 years in Medina benefited from the corrective period , while its annual revenues exceeded 18 million riyals.

The Ministry explained that the establishment’s owners’ response to the corrective period for violators of the National Anti-Commercial Concealment Program (Tasattur), enabled them to benefit from the advantages of this period.  

According to the National Anti-Commercial Concealment Program (Tasattur), the establishment evaded the situation and legitimized their businesses by completing the process of transferring the company’s ownership to a third party, thus exempting them from income tax retroactively and avoiding the application of deterrent legal penalties of up to 5 years in prison and a fine of 5 million riyals. 

Violators of the National Anti-Commercial Concealment Program (Tasattur) provided comprehensive options for businesses of all sizes and their respective sectors during the corrective period, which included: facilitating partnerships between Saudi and non-Saudi individuals, the registration of the ownership of a business by a non-Saudi individual, enabling Saudi businesses to continue to engage in economic activity by introducing a new partner in the facility (a Saudi or a licensed foreign investor), the option for Saudi citizens to sell, cede or dissolve their businesses, the option for non-Saudis to obtain a premium residency, and the option for non-Saudis to leave the Kingdom permanently.

The correction request can be submitted electronically through: mc.gov.sa


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Last Modified 17 Feb 2022
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