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Legal Transaction
The tendency of the will to have a specific legal effect, and this effect is represented by the creation of a right that results from it. For example, the contracts concluded with the transfer of ownership of real estate between two parties, as it is a legal act based on the convergence of two wills, and a system that acquires real rights. The same applies to the will, as it is a legal act based on a unilateral will, and it also acquires specific rights.
Import Duties and Taxes
Customs duties and all other duties, taxes or charges which are collected on or in connection with the importation of goods, but not including any charges which are limited in amount to the approximate cost of services rendered or collected by the Customs on behalf of another national authority.
Collection of Zakat
The State represented by the Zakat, Tax, and Customs Authority (ZATCA), shall calculate the Zakat of funds subject to the Zakat, collect such funds from the Zakat payers subject to it, and transfer to the Social Security Agency for disbursement to the beneficiaries of social security.
Tendering Plan
A plan that includes the technical components of the Private Sector Participation (PSP) Project, its tendering procedures and the management of the tendering process, the applicable evaluation procedures and criteria, the Tender Documents and appendices thereto which shall be aligned with the needs of the PSP Project and achieving its objectives.
Control Plan of Budget Preparation Project
A plan that includes the activities that are carried out to monitor the budget preparation project, also monitoring schedule, the mechanism used to monitor the activities of the budget project and the performance indicators used, in addition to the concerned authorities in the monitoring process.
Financial Control
Policies, procedures and means by which operations with financial impact, are monitored and controlled, also to make sure that the internal control systems are working with the highest degree of accuracy, efficiency and effectiveness, in addition to checking the entity’s compliance with the relevant laws, regulations, manuals, instructions and decisions.
Refund Request
A request submitted by a taxable person, or his representative, to the Authority requesting a refund of the overpaid tax, or any other overpaid amounts, in accordance with the terms and conditions contained in the regulations, rules, and instructions issued by the Zakat, Tax and Customs Authority.
Tax on Goods and Services
Taxes that become payable when goods are produced, sold, transferred, leased or supplied, or when such goods and services are used for personal consumption or capital formation (including value added taxes, excise taxes and other taxes on the use of goods and on the permission to use goods or carry on activities).
Future Contract
Rights under contracts for the sale of a commodity or property of any other description under which delivery is to be made at a prospective date and at a price agreed on when the contract is made, but excluding rights under any contract which is made for commercial and not investment purposes.
Standstill Period
Ten (10) working days from the date of announcing the list of persons who expressed their interest in bidding in the PSP Project tender, the list of qualified bidders to submit proposals, the shortlist of bidders, the results of the tendering and the preferred bidder, or the end of the negotiation procedures. Five (5) working days shall be added to this period in the event of any appeal in relation to tendering and award procedures, The Supervisory Committee may reduce these periods upon the request of the Concerned Entity if it provides justifications therefor.
Competitive Value Proposition
A brief statement describing the unique benefits or value a product, service, or solution provides to its beneficiaries. This statement tells the customer why they should choose a particular offering over other options, highlighting the key features that address the customer's needs or challenges.
Remunerations and Compensations
In the Capital Market Institutions Regulations, amounts, allowances, profits and the like, periodic or annual bonuses linked to performance, long or short-term incentive plans and any other in-kind benefits, except for the actual reasonable expenses and fees incurred by the company to enable a board member to perform his duties.
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