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The High Commissioner today agreed to implement the recommendations of the National Counter-Hiding Program, which aims to cover all sectors, to develop regulations and related legislation, to stimulate electronic commerce and to use technical solutions.
The program also aims to regulate financial transactions to reduce disbursements, promote private sector growth, create attractive jobs for Saudis and encourage them to invest and find solutions to the problem of property ownership. foreigners in the informal sector.
The program aims to find radical solutions to commercial concealment by unifying efforts, developing regulations and legislation, and promoting awareness. The General Authority of Zakat and Income, the Saudi Monetary Agency, the Social Development Bank and the General Organization for Technical and Vocational Training made the decision to implement each of its functions in cooperation and integration. with other organizations.
The recommendations of the National Program to Combat Commercial Concealment included 16 initiatives, the most important of which are:
– Approve the Ministry of Trade and Investment to revise the anti-concealment system and propose the necessary modifications to it within a period not exceeding 90 days from the publication of the directive.
– issuance of the Ministry of Commerce in the franchise system.
– To raise awareness of the dangers of commercial concealment.
– Stimulate the use of technical solutions.
– The General Authority for Small and Medium Enterprises (SMEs) is developing financing solutions in both the public and private sectors to enable Saudis to enter non-Saudi controlled sectors.
– The Ministry of Labor and Social Development is studying the possibility of setting up activities largely covered by commercial concealment.
– Application of cooperative societies in the retail trade.
– Training programs open to retailers.
– Cover and support the expenses of training programs.
– The Ministry of Municipal and Rural Affairs will develop and establish sales point specifications.
– The General Authority for Investments will study all possible means to encourage the investment of non-Saudis.
– The General Authority for Zakah and Income Tax requires stores and outlets to manage and issue electronic invoices.
– The Saudi Monetary Agency (SAMA) monitors the sources of funding to control all financial transactions and monitors any suspicious movement or movement resulting from concealment or money laundering in cooperation with the authorities concerned.
– The Social Development Bank will seek to find a microfinance program for small and micro enterprises.
– Find financing solutions from various government and private organizations.
– Reduce sales costs on small retailers.
The program requires companies to implement technical solutions that help regulate financial transactions and limit the outflow of funds in a way that harms the national economy.
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