The Saudi Ministry of Commerce published, a video clip through its social media platforms, of a commercial establishment that benefited from the corrective period for violators of the National Anti-Commercial Concealment Program (Tasattur), which ended on Wednesday, February 16, 2022.
The company which specialized in selling oils in the city of Abha for 3 years benefitted from the corrective period, while its revenues exceeded 10 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 ,evade the situation, and legitimize 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) were 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.