Saudi authorities team up to tackle commercial concealment

Eight Saudi government authorities said they will combine efforts to enhance the National Anti-Commercial Concealment Program, which aims promote the private sector, Saudi Press agency (SPA) said on Friday.

The program, part of the National Transformation Program 2020, seeks to combat commercial concealment through more enhanced laws and regulations, monitoring, and awareness.

The participating agencies include: the ministries of commerce and investment, interior, labor and social development, municipal and rural affairs, as well as the Small and Medium Enterprises General Authority (Monsha’at), the General Authority for Zakat and Tax (GAZAT), the Saudi Arabian Monetary Authority (SAMA) and the Saudi Arabian General Investment Authority (SAGIA).

The program aims to tackle commercial concealment in all sectors, and generates attractive business opportunities for Saudis and encourages them to invest. It also obligates enterprises to implement technological solutions in order to regulate transactions and reduce practices that could affect the national economy.