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RIYADH — The National Program to Combat Commercial Concealment (tasattur) under the Ministry of Commerce urged all commercial establishments and businesses to quickly submit requests for correction during the remaining 29 days of the corrective period that expires on February 16.
The authorities had earlier extended the corrective period for another six months starting from Aug. 23, 2021 and ending on Feb. 16, 2022.
The National Program stressed that this extended period is the last opportunity for violators of the Anti-Commercial Concealment Law to correct their status and avoid facing stringent punitive measures.
All those who approach the ministry through its website mc.gov.sa with a request for correction will be exempted from penalties prescribed in the law and their consequences. They will also be exempted from paying income tax retroactively with ensuring continuance of practicing economic activities in a systematic and legal manner.
The Program warned that there will be 20 government agencies deployed to detect the erring establishments after the expiry of the deadline on Feb16. All sorts of innovative methods and means of new technology based on artificial intelligence will be employed in the detection of tasattur violations. The penalties for the violators include maximum imprisonment of 5 years or a fine of up to SR5 million or of both, and confiscation of illegal assets and funds of those involved in the cover-up crime.
The Program clarified that there are six correction options specified in the regulations of the Anti-Concealment Law. These include partnership between Saudi and non-Saudi in the firm; registration of the firm in the name of a non-Saudi; the Saudi continuing to engage in economic activity by introducing a new partner in the firm; Saudi’s disposal of the firm; the non-Saudi obtaining the Premium Residency; and the non-Saudi’s permanent departure from the Kingdom.
Correction steps are available via multiple options through the website of the Ministry of Commerce or through business centers and branches of the ministry in all regions of the Kingdom.
The authorities had earlier extended the corrective period for another six months starting from Aug. 23, 2021 and ending on Feb. 16, 2022.
The National Program stressed that this extended period is the last opportunity for violators of the Anti-Commercial Concealment Law to correct their status and avoid facing stringent punitive measures.
All those who approach the ministry through its website mc.gov.sa with a request for correction will be exempted from penalties prescribed in the law and their consequences. They will also be exempted from paying income tax retroactively with ensuring continuance of practicing economic activities in a systematic and legal manner.
The Program warned that there will be 20 government agencies deployed to detect the erring establishments after the expiry of the deadline on Feb16. All sorts of innovative methods and means of new technology based on artificial intelligence will be employed in the detection of tasattur violations. The penalties for the violators include maximum imprisonment of 5 years or a fine of up to SR5 million or of both, and confiscation of illegal assets and funds of those involved in the cover-up crime.
The Program clarified that there are six correction options specified in the regulations of the Anti-Concealment Law. These include partnership between Saudi and non-Saudi in the firm; registration of the firm in the name of a non-Saudi; the Saudi continuing to engage in economic activity by introducing a new partner in the firm; Saudi’s disposal of the firm; the non-Saudi obtaining the Premium Residency; and the non-Saudi’s permanent departure from the Kingdom.
Correction steps are available via multiple options through the website of the Ministry of Commerce or through business centers and branches of the ministry in all regions of the Kingdom.
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