August 23 set as deadline to correct Anti-Concealment Law violations in Saudi Arabia

Under the new regulations, violators of the provisions of the Law can correct their status and benefit from the advantages stipulated in the regulation

  
Buildings at the King Abdullah Financial District in Riyadh, Saudi Arabia.

Buildings at the King Abdullah Financial District in Riyadh, Saudi Arabia.

Getty Images

RIYADH The Ministry of Commerce and the National Anti-Commercial Concealment Program have set Aug. 23 as the deadline to correct violations related to provisions of the Anti-Commercial Concealment Law.

The ministry and the program announced on Sunday that the commencement of the regulation to correct the status of violators of the Anti-Concealment Law would coincide with the implementation of the new Anti-Concealment Law from Aug. 23.

Under the new regulations, violators of the provisions of the Law can correct their status and benefit from the advantages stipulated in the regulation.

The correction period from Feb. 28 to Aug. 23 provides multiple options for both Saudi and expatriate violators of the provisions of the Law by exempting those, who approach the Ministry of Commerce with a request to correct their status, from the penalties prescribed in the law and the consequences thereof, and of the retroactive payment of income tax.

Violators of the Anti-Concealment Law can rectify their status in an easier and simpler way by submitting an application through the Ministry of Commerce website (mc.gov.sa) or correcting it through multiple options.

These options include incorporation of a Saudi or non-Saudi regular partner to continue to work in the firm or ensure the involvement of a Saudi in the firm by selling it to him or registering the ownership of the firm in the name of a non-Saudi by concluding an agreement between a Saudi and a non-Saudi through transferring the ownership to a non-Saudi after the latter obtains an investment license in the firm or a non-Saudi can also apply for a premier residency permit (iqama) or an investment license to continue working at the firm.

The government agencies participating in the National Anti-Commercial Concealment Program affirmed their full readiness to support all applicants to request correction to be regular investors in accordance with the options stipulated in the Regulations for Correcting the Status of Violators of the Anti-Concealment Law, and that there won’t be any leniency in the application of heavy penalties stipulated by the Law after the end of the corrective period.

A person, who was arrested by the ministry for committing a crime or violating provisions of the law before submitting a request to rectify his status, or whoever was referred to the Public Prosecution or the competent court, will not be given any exemption from the penalties.

 

© Copyright 2021 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.

More From Policy