The Saudi Ministry of Commerce published a video clip through its social media platforms of a commercial facility that profited 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 ceramics and building materials factory in Qatif benefited from the corrective period 14 years ago, while its annual revenues grew to exceed 40 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