Firm with Turnover exceeding SR7mln, annually, take advantage of the Corrective Period -Ministry of Trade Says

A Najran-based ready-made outfits, with an annual turnover surpassing SR7 million, has taken advantage of the corrective period, following contacting the Ministry of Trade, in order to mend fences.

The ministry pointed out that period for the violators of the anti-cover-up system, shall move ahead to correct their status, as the deadline is set to end on Wednesday.

Ministry of Commerce published, on its social media platforms, a video clip of the firm that benefited from the corrective period for violators of the anti-cover-up system.

Establishment’s owners and their response to the corrective period for violators of the anti-cover-up system, hasresulted in benefiting from the advantages of this period, correcting the establishment’s conditions by completing the process of transferring the company’s ownership to another person (a 3rd party) and thus exempting it from income tax retroactively and avoiding as well the application of deterrent legal penalties, of up to 5-year in prison and a fine of SR5 million, according to the anti-cover-up system, and making its business fully regular, since.

It is worth noting that the corrective period for violators of the anti-cover-up system provide all appropriate options for all sizes and sectors of firms, including: partnership in the facility between Saudi (s) and non-Saudi (s), registration of ownership of the facility in the name of a non-Saudi (s), and the Saudi may continue to engage in economic activity by introducing a new partner in the facility (a Saudi or a licensed foreign investor), and that the Saudi may dispose of the facility by selling, waiving or dissolving, in addition to the option for the non-Saudi (s) to obtain the premium residency, or for the non-Saudi (s) to leave the Kingdom permanently.

The correction request can be submitted electronically through: mc.gov.sa