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According to the National Program for Combating Commercial Concealment (Tasattur), the grace period for anti-cover-up system violators will not be extended and will end on Wednesday, February 16, 2022.
The Ministry of Commerce urged all anti-cover-up violators to correct their status, particularly those with annual revenues of “2 million riyals,” and take advantage of the corrective period to avoid deterrent statutory penalties of up to 5 years in prison or a fine of 5 million riyals, or both, as well as the seizure of illegal assets and funds involved in financial crime.
The program indicated that rectification requests will be accepted through the Ministry of Commerce’s website (mc.gov.sa) until the conclusion of the time, and violators will be able to take use of the repair alternatives outlined in the Regulation for Correcting Status, which include:
In the facility, there is a partnership between Saudi citizens and non-Saudis.
- The facility was registered in the name of a non-Saudi.
- The Saudi continues to practice the action by bringing in a fresh partner to the facility.
- The facility’s disposal by Saudi Arabia
- Non-Saudi obtaining the premium residency
- Non-Saudi leaving the Kingdom.
The typical practice of a Saudi citizen enabling a non-Saudi to participate in business or industrial activity in his name in exchange for a predetermined payment is known as tasattur.
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