Your gateway to comprehensive financial knowledge with more than 2000 financial and economic terms
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Government Activities
The activities listed in the government's final accounts, and entities that provide non-market services and are controlled by the government.
Revitalization
Efforts to boost economic activity and growth in a declining industry or region.
Economic Activities
Operations that involve the production, exchange, or distribution of goods and services within the economy. This includes all activities undertaken by economic institutions or individuals to achieve value-added or economic output.
Personal Spending
The amount of money an individual or household allocates to cover personal expenses and consumption, including daily living costs and discretionary purchases.
Inefficiencies
Shortcomings, waste, or weaknesses in processes or operations that hinder productivity or result in resource underutilization.
Title Deeds
Legal documents that establish ownership of a property or asset, often used as collateral for loans or to prove property rights.
Vision Realization Programs
Initiatives, projects, and programs that aim at achieving the economic and social targets of the Saudi Vision 2030. The Council of Economic and Development Affairs monitors its performance and implementation.
Eligible Used Goods
Goods prescribed by ZATCA as eligible for calculating VAT based on profit margin.
Restricted Goods
Any goods the import or export of which is restricted under the provisions of the Common Customs Law for GCC States or any other law.
Manifest
A document containing a full description of the goods carried on the various means of transport.
Identical Goods
They mean goods that are similar in all respects, including physical characteristics, quality and goodwill. Minor differences in appearance would not preclude goods otherwise conforming to the definition from being regarded as identical.
Prohibited Goods
Any goods the import or export of which is prohibited under the provisions of the Common Customs Law for GCC Countries or any other law.
Country of Origin
The country that manufactures the items stated in the bill of quantities, and shown by the bidders.
Bill of Lading
A legal contract that serves three functions: a receipt for the goods, a document of title, and proof of the contract of shipment of goods. This is a document prepared and issued by a shipping company when goods being exported are shipped by sea.
Annual Financial Statements
The purpose of an annual financial statement is to provide a reliable picture of a company's economic situation including assets, liabilities and financial results.
Negative Assurance
A form of assurance where an auditor expresses a lack of evidence to support specific assertions, typically used in review engagements.
Off-plan Sale
Sale or lease of a detached real estate unit before its construction is completed.
Affirmed
A reconfirmation or maintenance of a previously assigned credit rating by a credit rating agency.
Prequalification
Verification of government entity of availability of the necessary qualifications and capabilities to carry out works or secure purchases with bidders before submitting bids.
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