COVID-19: Saudi Arabia extends entrepreneurs’ fine exemption
Kingdom has launched stimulus packages to support private sector amid coronavirus fallout
Cairo: Entrepreneurs in Saudi Arabia continue to be exempted from fines normally levied for failing to pay subscription fees in time, Saudi media reported Wednesday.
The General Authority for Social Insurance said that business owners will not pay fines for defaulting on fees that were due in April and that the fines will be calculated starting from June 16.
The agency earlier exempted business owners from fines on overdue subscription fees for February and March.
Precautionary measures
The move comes due to the financial hardships experienced by private sector enterprises after precautionary measures were put in place to contain an outbreak of the new coronavirus.
Saudi Arabia has recently launched a host of stimulus packages to mitigate the economic impact of the virus on the private sector.
Last month, Saudi King Salman Bin Abdul Aziz ordered 50 billion riyals in an aid package aimed at fast-tracking the payment of dues and financial exemptions to the private sector.
Earlier, the monarch ordered 9 billion riyals to cover part of the salaries for Saudi citizens working in the sector.