By Innovation-sa on November 22, 2017 in News

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 “Nation without a Violator” campaign, the Ministry of Interior…

By Innovation-sa on November 22, 2017 in News

The General Directorate of Passports (GDP) clarified through its official twitter account that it would offer a grace period of 60-days for residents to leave the country after the issuance of their Final Exit Visas. Moreover, despite the end of the “Nation without a Violator” campaign, this grace period can be utilized by residents with an expired residence permit (Iqama). Source http://www.arabnews.com/node/1195806/saudi-arabia

By Innovation-sa on November 19, 2017 in News

A report by Jadwa Investment Company (JIC) revealed that expatriates in Saudi Arabia have encountered a huge drop in employment opportunities in the second quarter of 2017. According to the report, there has been a drop of around 161,500 new job openings for expatriates in the last four months. Moreover, with the implementation of dependent fees, there has been an increase in the number…

By Innovation-sa on November 19, 2017 in News

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 activities other than those in which they have been…

By Innovation-sa on November 19, 2017 in News

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. For transfer of funds, the amount transferred is exempted…

By Innovation-sa on November 8, 2017 in News

Thales Group, a French multinational company focusing in aerospace, space, defense, ground transportation and security sectors, expressed its keen interest in the Kingdom’s military productions. The group will focus on assisting Saudis in localizing activities in the defense industry, security and civil businesses through training and knowledge-transfer programs, noted Patrice Caine, chairman and CEO of Thales Group. Thales Group, which operates throughout the Kingdom have over 700 employees…

By Innovation-sa on November 8, 2017 in News

Saudi Arabia is one among the top 20 countries in the world that is actively working towards improving the business sector, and is ranked second in the world’s high-income countries for business reforms, as per World Bank Group report. Several of the business reforms adopted by the Kingdom recently played a huge role in boosting investor confidence and attracting investors and entrepreneurs to the…

By Innovation-sa on November 8, 2017 in News

The Ministry of Labor and Social Development (MLSD) and the General Authority for Zakat and Income Tax (GAZT) signed a deal on information sharing between the two entities. The agreement was signed in the presence of Deputy Minister of Labor and Social Development Ahmed Al Humaidan, and governor of GAZT, Suhail Abanmi. The agreement aims to improve cooperation between MLSD and GAZT and to…

By Innovation-sa on November 8, 2017 in News

With only 52 days to go before the implementation of Value Added Tax (VAT) in Saudi Arabia, the General Authority of Zakat and Tax (GAZT) reminded businesses and companies to ensure that they are well-versed with the rules and regulations of VAT. VAT will be implemented in the Kingdom on January 1, 2018. Rules and regulations related to VAT have been published in the…

By innovation-sa on October 30, 2017 in News

Minister of Labor and Social Development, Dr.Ali Al Ghafis declared that work visa validity for foreign employees working in private sector companies will be reduced from two years to one year. However, visas issued for government services as well as domestic workers will not fall in this category. This decision was taken based on Article 11 of the Saudi Labor Law which grants permission…