KSA Archives - Page 39 of 45 - LexisNexis Middle East

Saudi Arabia: Midday Working Ban to Start Next Week

15/06/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s Labour and Social Development Ministry has announced the midday working ban in the Kingdom will start on Saturday this week. The Ministry has stressed all private sector companies must comply with the ban which runs until 15 September. It means affected workers cannot work between 12pm and 3pm. However, the Ministry also said there are certain exemptions from this ban including those working in the oil and gas industry and emergency maintenance workers. The necessary procedures should be followed to protect these workers.

News developments

Saudi Arabia: Details of Neom Freezone Announced

08/06/201911/12/2019
by Benjamin Filaferro

According to local newspaper reports, Saudi Arabian authorities have established a joint committee with the UK to introduce a visa-free document to allow Neom investors and employees to move freely between several Red Sea countries including Egypt and Jordan. Holders of this document will also be exempt from specific Saudi legislation. In addition, those who have this document will have visas and residency rights.

News developments

Saudi Arabia: New Tobacco License Regulation Approved

03/06/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s Cabinet has approved a new Tobacco License Regulation which will mean cafes and restaurants in the Kingdom will have to pay up to 100,000 Riyals annually to sell tobacco products in their premises and outside them. It is the latest move to tackle smoking in the Kingdom. The Kingdom has signed up to the Framework Convention on Tobacco Control which aims to reduce smoking rates from 12.7 to 5% by 2030.

News developments

KSA: Implementing Regulations to the Special Residency Permits Law in the Making

18/05/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s Centre for Special Residency Permits is currently working on drafting the Implementing Regulations to the Special Residency Permits Law. The Regulations will include the conditions and procedures for applying for these permits. The Centre will announce details of the Implementing Regulations and how applications from applicants who are already in Saudi Arabia or from abroad will be handled. The aim of the law is to diversify the Saudi economy.

News developments

KSA: Special Residency Permits Draft Law Submitted to the Government

13/05/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s Shoura Council has approved a draft special residency permits law and has submitted it to the Government to consider. The aim of the law is to provide various benefits to those who hold special residency permits including the right to recruit foreign worker, own property and transport vehicles and obtain visitor permits for family members. There are two types of special residency permit. The first is unlimited while the other is only available for one year but can then be renewed. It is similar to the Green Card system in the US and if approved will mean applicants will not have to have a Saudi sponsor or employer. To be eligible, applicants must have a valid passport with a credit report, a health report and no criminal record.

Weekly Spotlight

Weekly Spotlight: Saudi Arabia Launches the “Najiz” Online Portal

28/04/201911/12/2019
by Benjamin Filaferro

The Saudi Justice Minister Dr. Walid Al-Samaani has launched the ‘Najiz’ online portal which will cover 177 first instance courts in all regions of the Kingdom.

The portal is part of efforts to unify judicial proceedings, enable digital transformation to the judiciary and speed up the litigation process. It was set after restructuring of procedures were adopted in all Saudi courts and a new judicial procedure system document was issued and digitized.

The portal is being considered a step towards a full digital transformation in all sectors. A service called ‘appeal without transcript’ has been introduced which enables first instance courts to send a case file to the court of appeal electronically in just a few minutes, and automatically receive the court’s reply. Task forces have also been formed to carry out the proceedings of the courts and compare them to legal proceedings, criminal court proceedings and related regulations, and proceedings in other countries.

The portal will be rolled out in four stages, and there will further updates to facilitate services.

News developments

Saudi Arabia: New Investment Bank for SMEs to be Established

08/04/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s Trade and Investment Minister has announced a new bank for Small and Medium Enterprises will be established. The Minister confirmed permission to open the bank has been issued and relevant bodies will have to cooperate with the International Bank to prepare the necessary study. He added the law for Competition and Procurement are being finalised and will empower SMEs.

Weekly Spotlight

Weekly Spotlight: Saudi Arabia Has Issued New Zakat Regulations

24/03/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s General Authority for Zakat and Tax has issued the updated Zakat Regulations in Arabic.

The Regulations are subject to certain exceptions, effective for financial years beginning on or after 1 January 2019 and supersede the provisions of all the previous Regulations and any conflicting circulars, instructions and Decisions.

The key changes include, amongst other things, new rules on how finance activities will be treated for Zakat purposes and a change to the Zakat rate applicable to the Zakat base. A permanent establishment of a non-resident Saudi or GCC national will be treated as a Zakat payer subject to a certain condition being met.

News developments

Saudi Arabia: Transfer Pricing Guidelines Published

24/03/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s General Authority for Zakat and Tax has issued guidelines on transfer pricing in Arabic and English. They cover the basic concept of transfer pricing and arm’s length principle. The Authority provides specific guidance on financial transactions, intangibles and business restructuring. The guidelines also provide guidance on selection of transfer pricing method, transfer pricing documentation, valuation, transfer pricing adjustments and details on audits.

News developments

KSA: Update on Online Registration Process for Employment Contracts

09/03/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s Labour and Social Development Ministry (MLSD) has issued a draft Decision on the mandatory requirement for private sector employers to upload their entire workforce’s employment contracts to the General Organisation for Social Insurance’s (GOSI) electronic portal. The draft law has been sent for public consultation and is expected to come into effect in the next couple of weeks. Depending on the total number of workers, companies will have to upload contracts for a specific portion of their headcount within deadlines set out in the Ministerial Decision. The uploading process must be completed for the whole workforce by the end of 2019.