The Ministry of Commerce's National Program to Combat Commercial Concealment (tasattur) has announced that the grace period for resolving tasattur infractions would not be extended. On Wednesday, February 16, the grace period will come to an end.

The authorities have already decided to prolong the remedial period for another six months, beginning August 23, 2021.

The programmed warned of deterrent consequences such as up to 5 years in prison or a fine of SR5 million, or both, as well as confiscation of illicit assets and funds of individuals involved in financial crime.

For individuals who wish to apply for corrective measures, the programmed provides many choices, including forming a partnership with a non-citizen, registering the facility's ownership in the name of a non-citizen, or continuing to engage in economic activity by introducing a new partner in the facility.

The ministry asked all Saudi and non-Saudi commercial enterprises and businesses to take advantage of the grace period before the deadline and submit adjustment requests as soon as possible through the ministry's website, mc.gov.sa.

The local phrase for a Saudi citizen enabling a non-Saudi to engage in commercial or industrial activity in his name in exchange for a fixed amount is tasattur (or cover-up).    

Follow us on Facebook and Instagram

For Saudi Arabia Business Directory 
For Saudi Arabia Latest News 
For Saudi Arabia Daily Exchange Rates 
For Saudi Arabia Daily Gold Rates
For Saudi Arabia Latest Offers