COVID-19: Saudi Arabia extends economic measures to aid private sector

COVID-19: Saudi Arabia extends economic measures to aid private sector

King Salman bin Abdulaziz has ordered the extension of a number of government initiatives to reduce the impact of the coronavirus pandemic on private industry, the Saudi Press Agency reported on Thursday.

The extended initiatives include:

  • Lifting the temporary suspension of private sector facilities to correct activity status.
  • Support Saudi citizens working in coronavirus-affected businesses through unemployment insurance (SANED).
  • Allowing private sector companies to resume their business activities.
  • Prohibiting the suspension of wages.
  • Postpone custom fees on imports for 30 days against the submission of a bank guarantee.
  • Calculating the employment of Saudis in the Nitaqat Program immediately for all enterprises.
  • Hire qualified Saudi citizens for available positions.
  • Ensure services are available to customers for 24/7
  • Suspension of recruitment fines.
  • Postponing the payment of value-added tax.
  • Accelerating payment of VAT refund requests.
  • Partial exemption from expired residency/iqama fees for an additional month, which might be renewed for an additional month if required.
  • Allowing business owners to postpone payment of value – added tax, excise tax , income tax and submission of Zakat declarations during the coronavirus pandemic for a period of two months.