Your gateway to comprehensive financial knowledge with more than 2000 financial and economic terms
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Information Security
Information Security is basically the practice of preventing unauthorized access, use, disclosure, disruption, modification, inspection, recording or destruction of information by providing the necessary means and methods to protect it from internal and external risks.
Funds Subject to Zakat
Any funds resulting from any business established for the purpose of earning money, whether it is commercial, industrial.....etc.
Industrial Production
The output of manufacturing, mining, and utilities sectors, indicating the level of industrial activity in an economy.
Crude Oil Production
The process of extracting crude oil from oil wells or held within a country, which significantly impacts government revenues.
Government Activities
The activities listed in the government's final accounts, and entities that provide non-market services and are controlled by the government.
Revitalization
Efforts to boost economic activity and growth in a declining industry or region.
Personal Spending
The amount of money an individual or household allocates to cover personal expenses and consumption, including daily living costs and discretionary purchases.
Inefficiencies
Shortcomings, waste, or weaknesses in processes or operations that hinder productivity or result in resource underutilization.
Title Deeds
Legal documents that establish ownership of a property or asset, often used as collateral for loans or to prove property rights.
Vision Realization Programs
Initiatives, projects, and programs that aim at achieving the economic and social targets of the Saudi Vision 2030. The Council of Economic and Development Affairs monitors its performance and implementation.
Eligible Used Goods
Goods prescribed by ZATCA as eligible for calculating VAT based on profit margin.
Restricted Goods
Any goods the import or export of which is restricted under the provisions of the Common Customs Law for GCC States or any other law.
Manifest
A document containing a full description of the goods carried on the various means of transport.
Identical Goods
They mean goods that are similar in all respects, including physical characteristics, quality and goodwill. Minor differences in appearance would not preclude goods otherwise conforming to the definition from being regarded as identical.
Prohibited Goods
Any goods the import or export of which is prohibited under the provisions of the Common Customs Law for GCC Countries or any other law.
Country of Origin
The country that manufactures the items stated in the bill of quantities, and shown by the bidders.
Bill of Lading
A legal contract that serves three functions: a receipt for the goods, a document of title, and proof of the contract of shipment of goods. This is a document prepared and issued by a shipping company when goods being exported are shipped by sea.
Annual Financial Statements
The purpose of an annual financial statement is to provide a reliable picture of a company's economic situation including assets, liabilities and financial results.
Negative Assurance
A form of assurance where an auditor expresses a lack of evidence to support specific assertions, typically used in review engagements.
Off-plan Sale
Sale or lease of a detached real estate unit before its construction is completed.
Affirmed
A reconfirmation or maintenance of a previously assigned credit rating by a credit rating agency.
Prequalification
Verification of government entity of availability of the necessary qualifications and capabilities to carry out works or secure purchases with bidders before submitting bids.
Beneficiary Onboarding
The process of introducing beneficiaries to the products and services and guiding them to use the benefits offered, as well as providing ongoing support throughout their journey, from registration to becoming permanent beneficiaries.
Payment Order’s Date of Receipt
The date of receipt of the payment order to the Ministry of Finance and before its registration on the system.
Creation Date of Payment Order
The date of creating an order for payment through the Etimad Platform at the government entity.
Tax Due Date
Date of the supply of Goods or Services, the date of issuance of the tax invoice or upon partial or full receipt of the Consideration, whichever comes first, and to the extent of the received. This date may differ from the date the goods or services are actually provided.
Sending Date
The date of sending the invitation to issue a document or transaction.
Creation Date
The date of uploading the competition on the bidding system by the government body.
Payment Order’s Registration Date
The registration date of payment order in the financial system of the Ministry of Finance.
Date of Registration
The date on which the person is registered in accordance with the provisions of the Value Added Tax System in the KSA and its Implementing Regulations, or as specified in the tax registration certificate issued by the Zakat, Tax and Customs Authority.
Fair Trade
A movement promoting ethical trade practices, ensuring producers (especially in developing countries) receive fair wages and work in safe conditions.
Outperformed
An entity, investment, or asset that has performed better than expected or outpaced its peers in terms of returns or financial results.
Digital Experience (DX)
The overall perception and interaction users have when engaging with digital products, services, platforms, or channels.
Beneficiary Cross Channel Experience
The overall interaction and continuity that beneficiaries experience when they engage with multiple channels or platforms such as website, mobile app, or social media accounts.
B2C Beneficiary Experience
The experience while and after using the service and further interactions.
Post Qualification
After selecting the best quotation, the government entity shall verify that the bidder has the necessary qualifications and capabilities to carry out the work or secure the purchases before awarding the contract.
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