Saudi Arabia
Saudi: No grace period to correct ‘tasattur’ violations
The National Program to Combat Commercial Concealment (tasattur) under the Ministry of Commerce has announced that there will be no extension of the grace period for correcting tasattur violations. The grace period will end on Wednesday, February 16.
The authorities had earlier extended the corrective period by another six months starting from Aug. 23, 2021.
The program warned the violating establishments of deterrent penalties including imprisonment of up to 5 years or a fine of SR5 million or both, and confiscation of illegal assets and funds of those involved in the financial crime.
