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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.
Counterparty
In the Capital Market Institutions Regulations, and in the definition of the term “institutional client” contained in the Glossary of Terms, it means any of the following: the Monetary Agency, the Market, or any financial market recognized by the Capital Market Authority (CMA), the Depository Center, the Clearing Center, the Capital Market Institution, the Local Bank, the Local Insurance Company, the Qualified Foreign Investor, and the Non-Saudi Financial Services Facility. Otherwise, the counterparty means the other party to a transaction.
Tax Guarantee
Cash or bank guarantee requested by the Zakat, Tax and Customs Authority from the taxable person to ensure the fulfillment of his tax obligations. This is done through a written notification to the person containing the type of guarantee required, its value and its duration, in accordance with the provisions contained in the Executive Regulations of the Value Added Tax System.
Representative Member
The taxable person in a tax group who submits an application to the Zakat, Tax and Customs Authority to form it. The representative member of the tax group is one of the group members, and is the person authorized by the other members to represent the tax group in all its tax affairs. He is responsible for the obligations and rights of the group on behalf of all its members, such as submitting tax returns, without prejudice to the joint liability of the other group members.
Remaining Estimated Useful Life
Defined for Value Added Tax (VAT) purposes, in relation to capital assets that are sold or used in non-economic activities before the end of the relevant adjustment period, it is defined as: the adjustment period (determined in accordance with the second paragraph of Article 52 of the VAT Executive Regulations) less the number of years in which the taxable person used this capital asset.
Tax Group or Value Added Tax (VAT) Group
A group of two or more legal persons resident in Saudi Arabia, who are treated as being a single taxable person for Value Added Tax (VAT) purposes and registered for VAT with a separate and new Tax Identification Number (TIN) issued by Zakat, Tax and Customs Authority (ZATCA) to the tax group representative on behalf of the tax group.
General Business Risk Management
The risks and potential losses arising from the Exchange or Depository Center’s operation as a business, but excluding risks and losses related to an Exchange or Depository Center’s default Member. General Business Risk includes any potential impairment of the Exchange or Depository Center’s financial position as a consequence of a decline in its revenues or an increase in its expenses.
Accountability
The procedure applied to public sector entities and their employees: to hold them accountable for their decisions and actions, including oversight of public funds and all aspects of performance, and to subject them to appropriate external review. Accountability is achieved when all parties understand their responsibilities, roles are clearly defined, and a strong structure is in place. Accountability is thus the obligation to answer for responsibility.
Free Trade Area
Any entity formed by the customs territories of a group of countries, which in its final form has the following characteristics: The elimination of customs duties on products originating in any of the countries in the region. Each country retains its own customs tariff and customs law. Each country in the region remains autonomous in its customs affairs and economic policy. Trade is based on the application of rules of origin, so that different customs tariffs are taken into account and trade indicators are not distorted. Trade restrictive regulations within the free trade area are abolished.
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