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Real Estate Transaction
Any legal disposition that transfers the ownership of the property, or its possession for the purpose of owning it, or possession of its benefit, including without limiting the contracts that consist of transferring the beneficial rights or Iong-term lease rights, such as: Sale, compensation, donation, bequest, swap, lease, finance lease, and transfer of shares in real estate companies, or usufruct right determination for a period of more than 50 years.
Acting in Concert
Actively co-operating, pursuant to an agreement (whether binding or non-binding) or an understanding (whether formal or informal) between persons, to be controllers (whether directly or indirectly, excluding indirect ownership of shares through swap agreements or through an investment fund whose unit owner have no discretion in its investment decisions) of a company, through the acquisition by any of them (through direct or indirect ownership) of voting shares in that company.
Encroachments
Adversely possessing, illegally disposing, preventing access, and/or changing the features of any state property in any way, including planning, cultivating, building, fencing, placing barriers or backfilling it, and/or using its facilities, sourcing material from it, or exploiting the same, permanently or temporarily, for purposes contrary to relevant laws, orders, decisions and instructions.
Establishments Zakat Calculating
The Zakat payable by an establishment is decided by filling out the Zakat return for the Zakat, Tax, and Customs Authority (ZATCA), after that the amount of Zakat due to the establishment will appear on the system based on the declaration submitted, Zakat due is (2.5%) from the Zakat base, and the Zakat base consists of the total funding sources, after deducting the fixed assets and its equivalent.
Taxable Income
Total income including all revenues, profits, and earnings resulting from practicing eco- nomic activities, regardless its type and its method of payment including capital earnings and any incidental revenues minus the exempt income, in accordance with the provisions and rules contained in the income tax law and its implementing regulation.
Zakat Estimated Account
A method used by the Zakat, Tax, and Customs Authority (ZATCA) in calculating Zakat on a Zakat payer who does maintain commercial books and statutory accounts. ZATCA resorts to this method when the Zakat payer does not comply with the specified deadlines for submitting the declaration, or when there are problems related to ZATCA’s confidence in the accuracy of the data provided by the Zakat payer, in order to make an estimation that is as realistic as possible of his actual base. This is because the Zakat base for the zakat payer is based on his statutory records that contain the data through which he can identify the base; when this is not possible, ZATCA creates the Zakat base according to the information available about the Zakat payer so that his Zakat base can be estimated as accurately as possible.
Institution
Any company that owns, or is a member of a group that owns, net assets of not less than 10 million Saudi riyals, any unregistered partnership, any general partnership, or other entity that owns net assets of not less than 10 million Saudi riyals, and a person who acts as a member of the board of directors, officer, or employee of a legal person and is responsible for any securities activity of that legal person.
Certificate of Origin
A specific form identifying the goods, in which the authority or body empowered to issue it certifies expressly that the goods to which the certificate relates originate in a specific country. This certificate may also include a declaration by the manufacturer, producer, supplier, exporter or other competent person.
Credit Rating Evaluation
An assessment provided by credit rating agencies such as Standard & Poor's, Moody's, and Fitch for the credit rating of public or private entities (such as state or company) or of bonds and other debt instruments. The Investment rating includes all opinions that are indicating a level of investment safety should be above that of speculative investments. The higher the degree of investment in debt instruments, the higher probability of repayment in a timely manner.
Customs Fraud
Any act by which a person deceives, or attempts to deceive, the Customs and thus evades, or attempts to evade, wholly or partly, the payment of duties and taxes or the application of prohibitions or restrictions laid down by Customs law or obtains, or attempts to obtain, any advantage contrary to Customs law, thereby committing a Customs offence.
Customs
Under the WCO sources of international customs terms this term means the Government Service which is responsible for the administration of Customs law and the collection of du- ties and taxes, and which also has the responsibility for the application of other laws and regulations relating to the importation, exportation, movement or storage of goods.
Tax Stamp
The distinctive mark stipulated in Article (18) of the Unified Agreement for Excise Tax for the Gulf Cooperation Council States, which is a sticker, symbol or mark placed on the specified excise goods and activated electronically, and its form and the information it contains are determined by the Zakat, Tax and Customs Authority.
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