The Royal Supreme Authority has approved the initiative launched by the Ministry of Labor and Social Development, in cooperation with the Private Sector Stimulus Office, regarding the accumulative bill, which aims to provide support to the institutions committed to nationalization.
The initiative stated that the institutions committed to nationalization, whose average band of Saudization is Platinum, or High Green, or Medium Green, or Low Green, for 12 months, will be refunded the accumulative invoice, if it has been paid earlier, in case it has not been paid yet, they will be exempted from paying the total of the invoice for 2018 AD.
H.E. the Minister of Commerce and Investment, Chairman of the Supervisory Committee for the Private Sector Stimulus Plan, Dr. Majid bin Abdullah Al Qasabi, expressed his thanks and appreciations to the Custodian of the Two Holy Mosques, and to His Royal Highness the Crown Prince for approving the Accumulative Invoice Initiative. The Royal Supreme Approval has contributed for stimulating and supporting the private sector, as well as appreciating its role in the national development process.
H.E. the Minister of Labor and Social Development, Engr. Ahmed bin Sulaiman Al-Rajhi also expressed his thanks and appreciation to the Custodian of the Two Holy Mosques and to His Royal Highness, the Crown Prince for the generous approval of the Accumulative Invoice Initiative. H. E. pointed out that this initiative will support the private enterprises to achieve their objectives, also it would stimulate and encourage the private sector to employ the citizens of both gender.
The aforementioned initiative also gives a time limit, encouragement and stimulation for the institutions that fall in the red and yellow bands, relevant to Saudization, to move to a higher band and raise the average of Nationalization rate within 12 months, so that they can take advantage of the initiative's support.
The budget for the Accumulative Invoice Initiative has reached SR 11.5 billion, out of SR 200 billion that have been allocated for enhancing and stimulating the private sector. The amount allocated for the said initiative is a direct stimulus to the private sector enterprises, which includes payment or exemption from the differentials of the financial remuneration of work permit.
Source: Ministry Of Commerce and Investment