With the Saudization of gold and jewellery shops to commence in 5 days, hundreds of shops are at a threat of closing down soon. The Ministry of Labor and Social Development issued an order last month demanding gold and jewellery shops to adhere to the Minister’s decision issued earlier in 2007 to nationalize gold and […]

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With the introduction of Value Added Tax (VAT) from January 1, 2018 the Kingdom will witness a sudden increase in price of goods and services. Khalid Al-Zaidi, a financial analyst and director of Jeddah based Al-Zaidi Financial Education Center, said the increase in price followed by a drop in demand for goods will affect businesses […]

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Saudi Arabia’s Council of Cooperative Health Insurance warned hospitals and health facilities against demanding a cash payment from insured patients. The Council received several complaints against hospitals that refused to accept insurance claims and forced patients to pay in cash. Yasser bin Ali Almuaarek, spokesman for the Council of Cooperative Health Insurance, reminded that this […]

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The Communication and Information Technology Commission (CITC) announced that entering ID number or Iqama number along with prepaid card number is not required for recharging pre-paid mobile phones from November 15 onwards. Earlier in 2012, CITC made it necessary to enter iqama number while charging, recharging and transferring balance via prepaid cards. Its aim was […]

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Saudi Arabia will no longer allow immediate test for driving license applicants without attending training sessions, announced Brig. Gen. Mohammed Abdullah Al-Bassami, director general of Traffic Department. Anyone wishing to obtain a new driving license should attend a 30-hour, 90-hour or 120-hour training course depending on their level of proficiency. Applicants with a good driving […]

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With the end of an eight-month long amnesty in Saudi Arabia, the Ministry of Interior launched a massive anti-illegal residency campaign starting from November 15, 2017. About 7,500 illegal residents and violators of labor laws were arrested by the Saudi security forces on the first day of the operation. Earlier this year, as part of […]

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The change of job-titles in Iqama (resident permit) has been halted by Saudi Arabia’s Ministry of Labor and Social Development (MLSD). The ministry also informed that those who are restricted from changing the profession in their iqamas can challenge this decision online. Earlier a four-week grace period was given to companies and businesses involved in […]

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The General Authority of Zakat and Tax (GAZT) has published the implementing regulations of Value Added Tax (VAT) through their website, vat.gov.sa which defines various exempted activities in the financial sector. Loans, credit cards, finance leases, mortgages, security transactions or bank notes, current accounts, deposits and savings account fall in the category of exempted activities. […]

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Small businesses are the primary growth drivers of the world of commerce since the last decade. Entrepreneurs look for the right opportunity and instantly act on them to build the perfect venture for themselves. But the job of small business owners is not an easy one. It is a rollercoaster ride with lots of ups […]

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