Saudi FM calls Indian, Pakistani counterparts to discuss developments    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Arabia cracks down on fraudulent Hajj campaigns, urges pilgrims to use official channels    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    Literature Commission inaugurates Saudi Pavilion at Muscat Book Fair    Saudi Minister of Culture holds talks with his Costa Rican counterpart in Jeddah    Alkhorayef praises advancements in Al-Kharj food industries sector    MHRSD: 80% of recruitment offices are non-compliant with regulations    At least 50 Palestinians killed in Israeli strikes across Gaza    Teenage girl killed in French school stabbing attack    Trump claims meeting with China after Beijing denies any trade negotiations    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Aug. 23 set as deadline to correct Anti-Concealment Law violations
Published in The Saudi Gazette on 28 - 02 - 2021

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.


Clic here to read the story from its source.