Saudi Arabia’s King Salman bin Abdulaziz ordered the extension of a number of government initiatives to mitigate the effects of the coronavirus pandemic on economic activities and the private sector, Saudi Press Agency reported on Thursday.
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The decision is aimed at supporting Saudi Arabian citizens, private sector businesses and investors, enhance private sector employees’ role in developing the Kingdom’s economy, lessening the financial and economic impact of the coronavirus pandemic on the public.
The extended initiatives include:
— Supporting Saudi Arabian employees in private sector enterprises affected by the impact of the coronavirus through unemployment insurance (SANED).
— Suspending fines related to recruitment.
— Lifting the temporary suspension of private sector facilities to correct activity status.
— Calculating the employment of Saudi Arabians in Nitaqat Program immediately for all enterprises.
— Lifting the suspension of wages protection during the pandemic.
— Continuing to provide services for elite enterprises around the clock.
— Postponing the collection of customs duties on imports for a period of thirty days against the submission of a bank guarantee.
— Accepting installment requests without applying the condition of advance payment.
— Postponing the payment of value-added tax.
— Accelerating payment of VAT refund requests.
— 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.
— 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.