Posted by : Aahil Shaik Friday, March 20, 2020
Saudi Arabia announced Good News for Expired Iqamas, Exit Re Entry visas and Private companies
The Kingdom announced 120 Billion Saudi Riyals worth of initiatives to implement urgent measures to reduce the impact of virus on Saudi Economic activities that including Private sector. Trending : With 70 new cases, Saudi Arabia announces it has 344 Coronavirus infected cases
Saudi Arabian Monetary Authority (SAMA) has announced a package of 50 billion Saudi Riyals to support the sectors of Banking, Financial Institution, private sectors and Small and Medium Enterprises (SMEs) affected by the virus. A 70 Billion Saudi Riyals package for exemptions and postponement of government dues and to provide the liquidity in private sector as per the report in Arab News.
Some of the initiatives includes :
- The Exemption from Expat Levy for those whose iqama has expired from now until 30 June 2020 by extending their iqama for a period of 3 months without charge. Recommend : Saudi Arabia suspends all domestic flights, trains, buses and taxis from 21 March to 14 days
- Employers can refund the fees of issued work visas that were not yet used after the travel ban on entries and exit in to the Kingdom. Even the visa stamped on the passport or they can extend the visa period for 3 months without any charge.
- Allowing Employers to extend exit and re-entry visas that were not used due to travel ban on entries and exits from the Kingdom of Saudi Arabia for a period of 3 months without charge.
- The announcement also allowed business owners for a period of 3 months, to postpone the payment of VAT, Excise Tax, Income Tax and the submission of Zakat declaration and the payment of obligations due therefrom. See Also : Saudi Arabia halts prayer in courtyards of Makkah and Madina Grand Mosques
- Postponing the collection of custom duties on imports for a period of 30 days against the submission of a bank guarantee, for next 3 months and setting the necessary criteria for extending the postponement period for the most affected activities needed.
- The payment of some government services fees, municipal fees due on private sector was postponed for a period of 3 months, as well as setting the necessary criteria to extend the postponement period for the most affected activities needed. Read : We will provide medicine, food and living to all - Saudi Arabia's King Salman
- The Minister of Finance authorized to approved lending and other related forms of financing as well as exemption from payment of fees and returns on loans granted until the end of 2020 in the corporate sustainability program initiative.