Saudi cabinet extends exemption of SMEs financial fee by one year

Saudi cabinet extends exemption of SMEs financial fee by one year

RIYADH — 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 on Tuesday 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.

At the outset of the session, the Cabinet was briefed on the content of the two letters received by Custodian of the Two Holy Mosques and the Crown Prince from the President of the Republic of The Gambia, and Head of Transitional Council and President of the Republic of Chad.

The Cabinet then reviewed Saudi Arabia's overall actions, both politically and economically, which aimed at strengthening international cooperation in various fields and finding more innovative and joint solutions to address global challenges.

The Cabinet, in this regard, underlined the content of Saudi Arabia’s participation in the World Economic