Saudi: Cabinet extends exemption of SMEs financial fee by 1 year

Saudi: Cabinet extends exemption of SMEs financial fee by 1 year

The Cabinet, chaired by Custodian of the Two Holy Mosques King Salman on Tuesday afternoon at Irqah Palace in Riyadh, extended the exemption period of small enterprises by one year, from the date of expiration, from paying the financial fee.

The Cabinet extended the provisions of items (Second) and (Third) of the Cabinet’s Decision No. (515) issued on 14/8/1441 Hijri — related to exempting small enterprises with a total of nine workers or less, including their owner, from paying the financial fee for a period of three years — for one year as of the date of expiration of the referred period.

The Cabinet underlined the content of Saudi Arabia’s participation in the World Economic Forum (WEF) Annual Meeting 2023 in Davos, Switzerland. During the WEF, Saudi Arabia highlighted the progress achieved within Vision 2030 concerning reaching a thriving and diversified economy to unlock opportunities for cooperation with the world, and Saudi Arabia’s active contributions and international initiatives to support the stability and growth of the global economy, preserve the environment and limit climate change.

The Cabinet commended the outcomes of the 13th meeting of the joint Saudi-Swiss Economic Committee held in Zürich. The meeting saw the signing of memorandums of understanding to