JEDDAH — The National Program to Combat Commercial Concealment (tasattur) under the Ministry of Commerce announced the end of the grace period for correcting tasattur violations on Wednesday, February 16.

The program stressed that government agencies in the program will continue to process requests for facilities by establishments that have taken advantage of the corrective period.

The executive regulations for violators of the anti-cover-up system gave the applicant a period of 90 days from the date of notifying him of the acceptance of his request to complete the correction procedures according to the specified option.

The program warned the violating establishments of deterrent penalties including imprisonment of up to 5 years or a fine of SR5 million or both, and confiscation of illegal assets and funds of those involved in the financial crime.

The program allowed several options for those who wish to apply for corrective measures, including a partnership between a citizen and a non-citizen, or registering the ownership of the facility in the name of a non-citizen, or for the citizen continuing to engage in economic activity by introducing a new partner in the facility.

The tasattur (or cover-up) is the local term for the common practice of a Saudi citizen allowing a non-Saudi to engage in commercial or industrial activity in his name in return for a fixed payment.

© Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.