Cabinet reaffirms Saudi position of resolving conflicts through diplomatic means    Saudi FM receives message from Iranian counterpart    AlUla becomes favorite global summer destination for photography enthusiasts    Foreign Trade Authority leads Saudi negotiating team in second round of GCC-Japan FTA Talks    Crown Prince extends period of study to regulate landlord-tenant relationship to 90 days    130 charities say controversial Gaza aid group must be shut down    Inzaghi hails 'historic' Al Hilal win over Man City: We climbed a mountain with no oxygen    Milinković-Savić says Al Hilal proved critics wrong after historic win over Man City    Al Hilal stuns Man City and stirs the world: 'One of the greatest nights in Saudi club football'    Michelin Guide launches in Saudi Arabia with phased rollout in 2025    Spanish PM's former aide detained without bail in corruption probe    US skips global UN meeting in Spain aimed at raising trillions to combat poverty    Al Hilal stun Manchester City in seven-goal thriller to reach Club World Cup quarterfinals    EU and Ukraine strike less ambitious but 'realistic' trade deal    'How fragile we are': Roskilde Festival tragedy remembered 25 years on    New Social Insurance Law comes into force on Tuesday    Over 190,000 Umrah visas issued since start of the season    PIF assets soar to $1.15 trillion in 2024    Historic Jeddah's visual identity re-imagined through global art installations at Al-Arbaeen Lagoon    Brad Pitt's Los Angeles home 'ransacked', police say    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Assets of entity worth over SR1 billion; but Saudi owner's revenues SR4,000!
Published in The Saudi Gazette on 21 - 10 - 2021

DAMMAM — Abdul Malik Bin Sufyan, head of the anti-commercial cover-up team at the Federation of Saudi Chambers (FSC), said that the concerned authorities have noticed the commercial cover up of some commercial establishments whose assets exceed SR1 billion while their covert Saudi owner gets an income of only SR4,000.
He said that the Saudi Data and Artificial Intelligence Authority (SDAIA) has set an accurate index by counting the inputs of all government agencies and FSC, and the index covers most of the commercial activities.
Attending a workshop on the corrective period for violators of the Anti-Commercial Cover-up Law at the Asharqia chamber headquarters here on Wednesday, he said that the government agencies that are authorized to carry out inspection tours of commercial establishments and shops violating the law will be represented by the ministries of interior, commerce, municipal and rural affairs and housing, and other bodies.
He called on the owners of small enterprises to take advantage of the corrective period that will end in February 2022.
Abdul Malik said that the SDAIA index counts the financial and non-financial indices, that are prepared in coordination with the Central Bank and local banks, in addition to cooperation with government agencies specialized in combating commercial cover-up.
He stressed that the first reading of the corrective period indicates that the majority of the persons involved in cover-up are the elderly people located in non-urban areas, or an uneducated employee or one who has a minor job.
He said that the agencies and entities that have already corrected their status are mainly major companies that are characterized by high employment, and are committed to paying taxes and fees.
With regard to cooperation with embassies that have a large community of their nationals working in the Kingdom, Abdul-Malik said that an initiative was launched, in cooperation with the embassies of the targeted nationalities, to correct the status of the establishments where they are working.
The initiative with the Yemeni embassy has been completed, and special workshops are being held for the Bengali nationality. The plan also includes all the remaining nationalities, including Egyptian, Pakistani, Indian, and Jordanian nationals.
He stressed that the National Program to Combat Commercial Cover-up is currently working to provide more options that are commensurate with some activities to correct the status of violators of the law.


Clic here to read the story from its source.