Your gateway to comprehensive financial knowledge with more than 2000 financial and economic terms
Most searched terms
Endowmenteree
The person who establishes and contributes assets to a Trust. Can also be referred to as the founder of the Trust.
Workpaper
Documents, records, or files used in accounting, auditing, or research to document the evidence, procedures, and results of work or analysis.
Treasury Unit
The purchased units that the fund manager holds in accordance with the provisions of the Investment Funds Regulations and the Real Estate Investment Funds Regulations.
Transport Unit
Any means of transporting goods suitable for use in a Customs transit operation or under Customs seal.
Labelling
Displaying information on assets to indicate classification, ownership, and other management information.
Investor Access
The ease with which investors can enter or exit an investment, or gain access to financial markets.
Zakat Base
The Zakat payer collects his money from all the types of Zakat he has, and the Zakat rate (2.5%) is collected from him.
Dealing Day
Any day on which the units of an investment fund may be subscribed for and redeemed.
Special Purpose Entity Trustee
The person under the name of which the shares of a special purposes entity that issues debt instruments are registered, and it shall not be considered an owner of such, in accordance with the provisions of the Rules for Special Purposes Entities.
Tax Suspension Status
The situation in which the tax due on locally produced or imported excise goods is suspended.
Credit Rating Agency (CRA)
Organizations that assess and assign credit ratings to individuals, companies, or government entities. Some well-known rating agencies include Standard & Poor's (S&P), Moody's, and Fitch Ratings.
Customs Clearing Agent
A person who carries on the business of arranging for the Customs clearance of goods and who deals directly with the Customs for and on behalf of another person.
Settlement Agent
A person with or through whom a capital market institution effects settlement of a transaction.
Foreign Direct Investment (FDI)
An investment that reflects a long-term relationship and continuous interest by economic entities resident in an economy other than the Saudi economy. This means that the foreign investor, individually or as part of a group of foreign investors, owns 10% or more of the voting power of the shareholders' rights, entitling the investor to exercise some form of control or influence over the decision-making process in a way that serves the investor's interests. This process is thus described as foreign direct investment.
Single Transitional Excise Return
A form of Excise Tax return filed by a Holder of Excise Goods. The return is filed only once with respect to the inventory as of the date of implementation of the Excise Tax scope expansion. The return is filed to declare and pay the Tax due on Excise goods held.
Customs Declaration for Travelers
A form submitted by the traveler upon entering or leaving the Kingdom of Saudi Arabia in which he declares about a group of items that must be declared, such as coins and jewelry whose value reaches 60,000 SAR or more, as well as purchases whose value exceeds 3,000 SAR or more, as well as goods subject to excise tax, goods and materials prohibited and restricted.
Temporary Admission (ATA) Carnet
An international customs document which, issued under the terms of the Temporary Admission (ATA) Convention and the Istanbul Convention, incorporates an internationally valid guarantee and may be used, in lieu of national customs documents and as security for import duties and taxes, to cover the temporary admission of goods and, where appropriate, the transit of goods. It may be accepted for controlling the temporary exportation and re-importation of goods but, in this case, the international guarantee does not apply.
Related Persons
Two or more persons, where one person has the authority to direct and supervise others, possessing administrative authority that enables influencing the work of other persons financially, economically, or organizationally. This also includes persons who are under the authority of a third party that has the ability to influence their work financially, economically, or organizationally.
Transformational Spending
A type of government spending that aims not only to cover operational or current expenses but also to bring about structural change in the economy and society through long-term strategic investments. This includes creating new production capacity, improving resource efficiency, or transitioning the economy to a higher stage of diversification and sustainable growth. It does not merely consume resources, but rather builds lasting capabilities.
Homogeneous Goods
They mean goods, although not similar in all respects, have similar characteristics and material components facilitating the performance of its functions and have an interchangeable commercial nature. The quality, goodwill and trademark of goods are among the factors to be considered in determining whether goods are similar.
Response Analysis
An analysis aims at determining the potential impact of market movements and variables such as interest rates and exchange rates on the entity's financial position in terms of cash flow, derivatives portfolio, financing, foreign exchange, etc. The response analysis is important for managing the financial risks of the entity.
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.
Quay Port Fees
The charges fixed by the Harbors Board on ships/cargo delayed in harbor in excess of the permissible clearance or delivery period. (it however, does not affect the value of the goods but any considerable delay in processing/completion of customs formalities is bound to cause additional burden on the importer by way of demurrage accumulation. Hence speedy clearance helps importers as well as avoid congestion in the wharf.
Beneficiary Personal
Detailed imaginary representation of the ideal beneficiary that represents a set of beneficiaries who have common characteristics, behaviors or interests based on research and real data about your existing beneficiaries. It helps understand the unique needs of different beneficiary segments, leading to more effective problem solving and a positive beneficiary experience.
Certificates
Any certificates or other instruments conferring contractual or ownership rights in respect of any shares, debt instruments, or warrants that constitute a security held by a person (other than the person granting the right under the certificate or instrument) and that may be transferred without the consent of that person. This excludes any certificates or instruments conferring contractual or ownership rights in the form of options, futures, or contracts for differences, and also excludes any certificate or instrument conferring a right in respect of two or more securities issued by different persons.
Pension Fund
An investment fund that collects contributions from employees and employers to invest and provide a sustainable income for retirees. It relies on long-term savings and investment in stable assets such as bonds and preferred stocks to ensure growth and generate steady returns. The fund is managed by investment experts, and the profits are used to provide financial benefits to employees upon retirement.
Visitors
Searches