The Custodian of Two Holy Mosques King Salman of Saudi Arabia has announced new initiatives during this pandemic situation to support Private sector companies and investors to fight with current economic conditions in Saudi Arabia.
King Salman has extended economic aid to private sectors along with providing government initiatives for additional time period to achieve full benefits in this pandemic situation the country is going through.
King Salman New Initiatives for Private Sectors, VAT, Salary
This decision has been announced for supporting Saudi Arabian citizens, private sector companies & investors, To enhance private sector employees’ role in developing the Saudis economy, minimizing the financial and economic impact of the coronavirus on the public in KSA.
New Initiative by King Salman on VAT, Salary & Private Sectors
1) Supporting All Saudi employees in private sector companies affected by impact of Coronavirus through unemployment insurance (SANED).
2) Suspending All fines related to recruitment.
3) Lifting the temporary suspension of private sector facilities to correct activity status.
4) Re-Calculation of employment of Saudis in Nitaqat Program immediately for all companies.
5) Lifting the suspension of wages protection during the coronavirus pandemic.
6) The continuity of providing services for elite clients & businesses around the clock.
7) Postponing the collection of customs duties on imports for a period of thirty days against the submission of a bank guarantee.
8) Accepting installments without applying any conditions of advance payment.
9) Postponing the payment of value-added tax.
10) speeding up payment of VAT refund requests.
11) Partial exemption from the financial compensation for the expiring visas of residence and extending the period of using exit and re-entry visas for one month, with an additional month if needed.
12) Enabling business owners, for a period of two months, to postpone the payment of value-added tax, excise tax, income tax, and the submission of Zakat declarations during coronavirus pandemic.