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Every day the situation of the Coronavirus becomes worst. Another hour, another minute Coronavirus (Covid-19) has become the biggest headline with rapidly changing economic, social, and mental challenges around the globe. With countries like china known as 3rd superpower is feeling helpless and trying its best to combat the deadly disease, other countries believe in taking the necessary precautionary steps to avoid the incidence of the lethal virus in the country.
Saudi Arabia is very keen on protecting its citizens and Saudi expats from Coronavirus, which is depicted by the various statements and orders passed by the authorities over a while, from restricting traveling to avoiding gathering at mosques.
Saudi Arabia has announced a SR.120 billion worth of initiatives to implement urgent measures to reduce the impact of Coronavirus on the Saudi Economic activities, including the Private Sectors.
Furthermore, the Saudi Arabian Monetary Authority (SAMA) has announced a package of SR. 50 billion, to facilitate the banking sector, financial institutions and SMEs due to the affect of Coronavirus.
List of Initiatives Taken by the Saudi Government
|1||The Exemption from Saudi expat levy for those whose Saudi Iqama has expired from now until June 30, 2020, by extending their Saudi Iqama for a period of three months without charge.|
|2||Employers can refund the fees of issued Saudi work visas that were not yet used after the travel ban on entries and exit in to the Kingdom. Even the visa stamped on the passport or they can extend the visa period for 3 months without any charge.|
|3||Allowing Employers to extend exit and re-entry visas that were not used due to travel ban on entries and exits from the Kingdom of Saudi Arabia for a period of 3 months without charge.|
|4||The announcement also allowed business owners for a period of 3 months, to postpone the payment of VAT, Excise Tax, Income Tax and the submission of Zakat declaration and the payment of obligations due therefrom.|
|5||Postponing the collection of custom duties on imports for a period of 30 days against the submission of a bank guarantee, for next 3 months and setting the necessary criteria for extending the postponement period for the most affected activities needed.|
|6||The payment of some government services fees, municipal fees due on private sector was postponed for a period of 3 months, as well as setting the necessary criteria to extend the postponement period for the most affected activities needed.|
|7||The Minister of Finance authorized to approved lending and other related forms of financing as well as exemption from payment of fees and returns on loans granted until the end of 2020 in the corporate sustainability program initiative.|