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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.
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