The most important legal news in local newspapers
We in Ben Arafa Law Group Consulting & Legal Legitimacy L.L.C likes to provide you of the most important legal news in the local newspapers for this week, which related to your business and commercial, labor and procedural activities, and accordingly we provide you with the most important news as follows:
The Saudi Cabinet Approves the Regulating Rules of Temporary employment Visas for Pilgrimage and Umra Services
The Saudi Cabinet approves the regulations of temporary employment visas for pilgrimage and Umra services, at its meeting held on 28-03-1446H, corresponding to 11-10-2024)
The new regulations are enforceable upon the completion of 180 days. They aim at providing a more attractive job market, considering the establishments that work at the season of pilgrimage and Umra. The critical amendments include, enlisting Umra services at the temporary employment visas, and changing the title of “seasonal employment” visa, to be “the temporary employment for pilgrimage and Umra services”.
Also, the grace period is extended to be from the 15th of Shaaban to the end of Mohram that contributes in regulating and managing manpower through that critical period
The Saudi Cabinet Approves the Real Estate Transactions Tax System
The Saudi Cabinet approves the draft of the real estate transactions tax system at its meeting held on 8-1-1446H, upon revising the statement issued from the Royal Dewan and a group of related regulations and drafts,
The new system aims at regulating the real estate transactions tax, as it includes a number of rules and procedures.
The critical points of the system include:
The period forcorrection: The stakeholders, who made undocumented real estate transactions before the enforceability date of that tax on 14-2-1442 H, are granted a grace time for a year to document their transactions.
Exceptions: the real estate transactions resulted from lease contracts for the purpose of ownership, which are made before the enforceability of the tax and each transaction governed by the VAT before its documentation, are exempted.
Method of revision: Zakat, Taxes and Customs Authority will revise the method of assessing the tax after three years from the system enforceability, including the option of assessing the tax according to categories of using the property and its location.
The Saudi Cabinet Approves Transferring the Supervision of Precious Minerals and Stones to the Ministry of Industry
The Saudi Cabinet approves amending the regulations for precious minerals and stones, as all authorities related to supervision; control and licensing are transferred from the ministry of commerce to the ministry of industry and mineral fortune. That was made at the meeting held on 25-9-1445H.
The most important amendments:
Supervision and control: Ministry of industry becomes responsible for supervising the industry of precious minerals and stones, while ministry of commerce is responsible for trading those minerals.
License: No practice of precious minerals industry shall be made unless with a license from the ministry of industry, while the license expenses shall be defined according to the regulations.
Controlling procedures: Articles related to violations control are amended, so that the concerned officials can report the violations and the investigation procedures.
Exceptions: The system includes exceptions (discharging) including real estate sanctions which were made before the system enforceability.
Regulations enforceability: Ministry of commerce and ministry of industry shall issue the required regulations for the enforceability of the new system regulations in a year from its publishing date.
Transferring plan: Both ministries shall work together for developing a plan to transfer the authorizations that includes a time frame and treating any difficulties which may emerge.
Legal Information
“Account Auditing” : Standards of Fairness and Professionalism in firms
Independence: auditor should be independent, and his job shouldn’t interfere with the firm’s interests.
Preserving the interests: He shouldn’t buy shares in the firm which he audits
Not performing technical works: He shouldn’t perform any technical or consultation works for the firm, unless according to the regulations
Right of exposure: He has the right of revising all accounting documents and records, while in a case of any difficulties; the issue shall be raised to shareholders.
Reporting: He shall prepare an annual report of the company financial position and any defaults.
Confidentiality: He shouldn’t disclose any confidential information which he attains through his work.
Responsibility: He is responsible for any mistakes at his report and he will be liable for any resulted damages.
According to the stated liabilities, the auditor contributes in reinforcing transparency and the authenticity of financial statements.
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