Saudi Arabia: Amendments to Implementing Regulations of Excise Tax Law Approved

Okaz, 20 July 2022: Saudi Arabia’s Zakat, Tax and Customs Authority has approved amendments to the Implementing Regulations to the Kingdom’s Excise Tax Law. The amendments relate to Articles 29-32.

They state that a licensee or license applicant must provide the financial guarantee owed to each tax warehouse before the application’s final approval to fulfil any other conditions specified by the Authority in the licence application.

For full story, click here. see https://www.okaz.com.sa/news/local/2110585.

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Saudi Arabia: Central Bank Issues Standard Insurance Policy of Professional Indemnity for Auditors of Entities Regulated by Capital Market Authority

Saudi Arabia’s Central Bank has announced it has issued a standard professional indemnity insurance policy for auditors of Capital Market Authority supervised entities.

The Standard Policy aims to set the minimum acceptable standard which must be met within the professional indemnity insurance policy, promote the concept of sustainability and reduce potential risks in the financial market.

It also aims to protect the parties’ rights to the contractual relationship and support opportunities for growth and development in the insurance sector.

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Saudi Arabia: Airspace Changes Announced

Arab News, 15 July 2022: Saudi Arabia’s General Civil Aviation Authority has announced airspace changes have been approved.

Under the changes, all carriers can use the Kingdom’s airspace so long as the Authority’s overflight requirements are met.

No date for the change coming into force was given.

The change has been approved as part of the Kingdom’s efforts to meet its obligations under the Chicago Convention of 1944.

This states non-discrimination between civil aircrafts used in international air navigation.

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Saudi Arabia: Construction Sites Must be Fenced Off

Saudi Gazette, 15 July 2022: Saudi Arabia’s Municipal and Rural Affairs and Housing Ministry has announced construction sites must be fenced off.

They must be fenced off from 30 July.

The rule will apply to construction sites for residential buildings.

The barrier should be temporary and be constructed in line with the specifications and standards set by the Ministry.

Those who want to fence off their construction sites can check the guide launched by the Ministry for this purpose. The guide is available on the Baladi website.

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Saudi Arabia: New Companies Law Approved

Saudi Gazette, 29 June 2022: Saudi Arabia’s Cabinet has approved a new Companies Law.

Among other things, it will provide more flexibility in protecting companies and enable the private sector to keep up with best international practices better.

It regulates all provisions related to commercial companies, non-profit companies and professional companies.

It enables a family charter to be concluded which regulates family ownership in family businesses, their governance and management, work policies, the employment of family members and the distribution of profits.

The aim is to make these companies more sustainable.

SMEs will also be exempt from the audit requirement.

A new type of company called the simplified joint stock company has been established.

This has been established to respond to the needs and requirements of entrepreneurs and venture capitalists.

It will enable non-profit companies to advance to the third sector, stimulate social responsibility and allow them to generate returns in their businesses and spend them on non-profit purposes.

The requirements and procedures for establishing companies are also simplified.

There is flexibility to include special terms and conditions in the contracts of incorporation of companies or their articles of association and create possible mechanisms for entrepreneurs, owners of venture capital and private ownership.

Various restrictions are removed.

These include restrictions on company names.

A limited liability company is allowed to issue debt instruments or negotiable financing instruments.

The provisions of transformation and merger between companies have been amended.

A company can now be divided into two or more companies and the owners of individual entities can transfer their assets to any types of companies.

Different types of shares with varying categories and rights, privileges or restrictions may be issued and shares may be allocated to employees to attract and motivate talent.

Profits may be distributed temporarily or annually without compromising the rights of creditors.

Electronic procedures may be implemented via remote means of communication.

This includes the submission of incorporation applications, general assembly attendance and votes.

Disputes and disagreements may be resolved by arbitration or other alternative means and there are new provisions on the liquidation of a company in line with the Bankruptcy Law.

It has been approved to stimulate and develop the Kingdom’s commercial system.

It aims to improve the sustainability of companies, support investment in SMEs through facilitating procedures and regulatory requirements and achieve greater market diversity by adding new corporate entities.

It also aims to preserve the rights of customers, reduce the numbers of disputes and ensure all stakeholders are treated fairly.

Also reported in Okaz on 28 June 2022. For full story, click here.

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Saudi Arabia: Intellectual Property Authority Opens Up Written Work Protection

Arab News, 16 June 2022: The Saudi Authority for Intellectual Property (SAIP) has announced the opening up of optional registration for written works, including computer software and applications, architectural, technical and applied artistic works, photographic and graphic works, and 3D topographic works.

The intellectual property authority has defined written works as those that are expressed in words of any kind, such as books and brochures of a literary, scientific or artistic nature. SAIP has added that books, poems, novels, articles, speeches, dissertations, school books and references, brochures and broadcast texts are all included in this optional registration.

The aim of registering written works is to encourage creative people, enhance competitiveness and maximise intangible assets.

The authority has added students can receive discounts on their registration applications and can benefit from all their services.

In order to register the written work submitted must be creative, original, distinguished, and expressive to thoughts and emotions, regardless of the quality of the content.

Requests to register copyright do not include written ideas, daily news, work diaries, procedures and abstract facts, as these are excluded from the copyright protection system.

SAIP provides its services through official channels, including its website (saip.gov.sa), direct number (+966920021421), through email and through its social media accounts.

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Saudi Arabia: National Project Management Guides Introduced

Arab News, 13 June 2022: Saudi Arabia’s Finance Minister has announced a National Guide to Project Management has been introduced.

It has been introduced to increase efficiency in the Kingdom.

It was introduced by the Government Expenditure & Projects Efficiency Authority.

It was prepared to ensure it complies with the best local and international standards and practices.

It includes 16 volumes. Each specialises in a specific project management function. This will help public authorities plan, implement and move from one phase to another.

The Authority has also introduced a National Guide for Asset and Facilities Management. It includes 17 volumes. Each focuses on a specific function of asset and facilities management.

It covers six key sectors of Government assets and efficiency. It is considered to be the first technical reference of its kind in guiding public authorities on ways to optimally utilise the resources of asset management and facilities for each entity.

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Saudi Arabia: Implementing Regulations to Civil Status Law Amended

Saudi Gazette, 10 June 2022: The Saudi Arabian authorities have approved amendments to the Implementing Regulations to the Kingdom’s Civil Status Law.

Under the amendments, national ID cards have to display the full name of the holder in English.

The card also has to include the date of birth of its holder and the date of expiry of the card according to the Hirj and Gregorian dates.

The amendments apply to all digital and printed civil status documents, including family records, birth certificates and death certificates.

Government and non-Government agencies whose work requires verification of the national identity must not accept photocopies of the ID.

The personal picture in the ID has to be new, coloured with a white background, clear and show all facial features. The individual must not be wearing glasses or contact lenses.

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Saudi Arabia: Communications and Information Technology Law Approved

Saudi Gazette, 9 June 2022: Saudi Arabia’s Cabinet has approved a Communications and Information Technology Law.

Under the Law, service providers and digital content platforms have to conclude agreements between them to ensure the protection of cybersecurity and critical infrastructure.

Violators could have their licence suspended or be fined up to 25 million Riyals.

Service providers have to take all necessary measures and make arrangements to ensure the protection of the confidentiality of the user’s personal information and documents and not disclose them without their consent.

Service providers also have to inform the user immediately about this if their information and documents have been compromised in any way and take the necessary measures to protect them.

The National Cybersecurity Authority is responsible for introducing the appropriate framework for announcing, promoting or amending price tariffs, or entering into agreements with a service provider outside the Kingdom to provide international roaming or any other service, or to establish, sell, or promote or use calling cards.

Telephone calls and information sent or received through public telecommunication networks must be kept confidential and may not be viewed, listened to, or recorded except in cases specified by the regulations.

No one must possess, sell, lease, manufacture, produce or circulate any device, hardware, tool, service, system, programme, or anything similar, related to telecommunications or information technology which does not comply with the approved technical specifications and standards or with the requirements and controls set by the Authority.

Anyone who engages in any practice which undermines competition in the communications and information technology sector, or damages, infringes or cuts telecommunication networks, or benefits from them in illegal ways, or disrupts communications or prevents the exchange of information in general will also be committing an offence.

Penalties will be imposed on those who commit these crimes intentionally or negligently, or possesses any communication and information technology devices without obtaining the necessary licence.

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Saudi Arabia: Non-Saudis Cannot Publish Advertisements on Social Media

Saudi Gazette, 7 June 2022: Saudi Arabia’s General Commission for Audiovisual Media has announced non-Saudis are banned from publishing advertisements on social media.

They have issued a Circular to this effect in line with the Audiovisual Media Law.

Those who violate the ban will be committing a violation of the Kingdom’s Labour Law (Article 33 of Saudi Arabia Royal Decree No. M51/1426).

They will also be violating the rules for dealing with expatriates contained in Saudi Arabia Royal Decree No. M24/1434. This prevents the employee from working for their own benefit and Saudi Arabia Royal Decree No. M40/1442 which considers a non-Saudi practicing an economic activity for their own benefit without a licence as a crime.

Violators will be jailed for up to five years and fined up to five million Riyals. Also reported in Al Madina on 7 June 2022. For full story, click here.

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