Ministry of Trade: Combating the trade cover-up can return 400 billion riyals to the national economy

​In a meeting organized by the Asharqia Chamber​

Ministry of Trade: Combating the trade cover-up can return 400 billion riyals to the national economy​

The Undersecretary of the Ministry of Trade for Customer Service and Branches, Chairman of the Corrective Period Committee for Violators of the Anti-Concealment Law, Engineer Ayed bin Muhammad Al-Ghwainem, warned of economic negative aspects that are produced by the phenomenon of concealments, such as commercial fraud and money laundering, because concealment is a wasted hidden economy whose size is estimated at 300-400 billion riyals, outside the economy NBK, stressing the importance of benefiting those involved in such activity to take advantage of the corrective period provided by the Ministry to correct the situation, to prevent any severe penalties in the future.

Al-Ghwainim said during the meeting, organized by the Asharqia Chamber (Sunday 25 / April / 2021) with the participation of the Chairman of the Board of Directors Abdul Hakim bin Hamad Al-Ammar Al-Khaldi, and moderated by a member of the Board Bandar bin Rafi al-Jabri that the work of the regulation to correct the conditions of the violators of the anti-concealment system continues until 15 / Rabi` al-Awwal / 1443 corresponding 23 / August / 2021, through which it is possible to correct the conditions of those who violate the provisions of the system and to benefit from the advantages stipulated in the regulations, as this period provides multiple options for violating the provisions of the system, whether (Saudi or non-Saudi) by exempting those who apply to the Ministry of Trade to request rectification of their conditions from The penalties prescribed in the system, and from paying the income tax retroactively, and the situation can be easily corrected by submitting a request through the ministry's website, and the correction process is done through multiple options.

He added that the campaign seeks to motivate those wishing to correct their conditions and to explain the options available to them through holding workshops and communication meetings in different languages, all of which are done through partnerships by several​ governmental and semi-governmental institutions, foremost among which are the ministries: “Trade, human resources and social development, municipal and rural,” And foreign affairs, transportation, "and each of the public bodies for" public transport, contractors, zakat and income, small and medium enterprises ", the central bank and others.

Al-Ghwainem emphasized that when the situation is corrected, the wasted money will become an added value to the national economy, indicating that the commercial concealment causes other economic crimes such as commercial fraud, money laundering, and the absence of fair competition.

And he considered that the corrective period is an opportunity for Saudis and non-Saudis to have their activities in order, with each of them obligated to settle and pay government and tax fees, which positively affects government spending and contributes to the well-being of society. Developing the business environment and creating jobs, in addition to the cover-up that limits the creation of investment and employment opportunities for citizens.​

He pointed out that correcting the violating situation is done through several options, including the introduction of a new partner and the continuation of the facility, disposing of the facility by sale, assignment, or dissolution, obtaining a foreign investment license to obtain the privileged residency.