The ministry explained that the progress of the owners of the facility and their response to the corrective period for violators of the anti-cover-up system resulted in benefiting from the advantages of this period, correcting the conditions of the facility by completing the process of transferring the company’s ownership to another person (a third party) and thus exemption from income tax retroactively and avoiding the application of deterrent legal penalties Which reaches up to 5 years in prison and a fine of 5 million riyals, according to the anti-cover-up system, and its business is now fully regular.
It is worth noting that the corrective period for violators of the anti-cover-up system provided all appropriate options for the sizes of establishments and all sectors, and those options include: partnership in the facility between Saudi and non-Saudi, registration of ownership of the facility in the name of a non-Saudi, and the Saudi continuing to engage in economic activity by introducing a new partner in the facility ( A Saudi or a licensed foreign investor), and the Saudi disposed of the facility by selling, waiving or dissolving the facility, in addition to the option for the non-Saudi to obtain the premium residency, and the non-Saudi to leave the Kingdom permanently. A correction request can be submitted electronically through: mc.gov.sa.
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