The Saudi 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 ended on Wednesday, February 16, 2022.
A company that has been specialized in manufacturing and fabricating metal in Dammam for 40 years benefited from the corrective period, while its annual revenues exceeded 7 million riyals.
The Ministry explains 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.