Your gateway to comprehensive financial knowledge with more than 2000 financial and economic terms
Most searched terms
Foreign Currency
The currency of another country, used in international trade and finance for conducting transactions between entities in different nations.
Stable Coin
A type of cryptocurrency pegged to a stable asset, such as fiat currency or gold.
Added Payment Process
Payments whose fees will be added to the total deducted amount during the period.
Transport International Routier (TIR)
The transport of goods from a customs office of departure to a customs office of destination.
End Customer for Underlying Goods or Services
The person who receives the underlying supply of goods or services regardless of whether he is also consumes or benefits from the goods or services.
Custodies
Amounts owed to the government body by a person (including individuals, organizations, and other entities).
Sampling
The process of selecting a subset of items, data, or elements from a larger group or population for analysis, testing, or evaluation.
Maximum Tolerable Period of Disruption (MTPD)
The maximum allowable time for critical business functions to be unavailable before deemed unacceptable.
Examination
An audit of a taxpayer's compliance with its VAT obligations, conducted by the Zakat, Tax and Customs Authority at the taxpayer's headquarters or any other location.
Examination of Goods
The physical examination of goods by the Zakat, Tax and Customs Authority (ZATCA) to satisfy themselves that the nature, origin, condition, quantity and value of the goods are in accordance with the particulars furnished in the goods declaration.
Consumer Surplus
The difference between the amount a consumer is willing to pay and what they actually pay for a good or service.
Electronic Invoice
An invoice that is issued, saved, and modified in an electronic form organized through an electronic system, and contains all the requirements of the tax invoice. A handwritten or scanned invoice is not considered an electronic invoice.
Tax Invoice
An invoice issued for supplies subject to tax, including all the elements that must be provided, in accordance with the requirements set out in the VAT law and its regulation.
Simplified Tax Invoice
An invoice that can be issued for Taxable Supplies in certain situations. It is a form of Tax Invoice that requires less amount of information in comparison to a “standard” Tax Invoice.
Bids Opening
Submitting bids to the government entity shall be opened in the presence of the bidders along with announcing the values of bids to ensure transparency.
Wealth Gap
The disparity in financial resources and assets between different individuals or groups of society.
Branch
It is represented by three digits of the entity code, which identifies the branch (region) name of the entity.
Corruption
Dishonest or unethical behavior, such as bribery or fraud, often involving individuals or institutions in positions of authority, and can have financial and legal implications.
Separation of Duties
A control mechanism in which tasks or responsibilities are divided among multiple individuals or departments to prevent fraud and errors.
Economic Bubble
A situation where asset prices rise significantly above their intrinsic value due to speculation.
Visitors
Searches