In the video.. “Trade”: 9 million riyals, the revenues of a gold company corrected its position


The Ministry of Commerce published, through its social media platforms, a video clip of a commercial establishment that benefited from the corrective period for violators of the anti-cover-up system, which is scheduled to end next Wednesday.

A company specialized in the field of gold and jewelry in the city of Jizan for 17 years benefited from the corrective period, while its annual revenues exceed 9 million riyals annually.

The ministry explained that the establishment’s owners and their response to the corrective period for violators of the anti-cover-up system resulted in benefiting from the advantages of this period by correcting the establishment’s conditions 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 legal penalties The deterrent, which amounts to 5 years in prison and a fine of 5 million riyals, according to the anti-cover-up system, and its actions are now fully regular.

It is noteworthy that the corrective period for violators of the anti-cover-up system provided the appropriate options for all sizes and sectors of establishments, and these 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 an investor). A licensed foreigner), 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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