Aiming to mitigate the economic fallout on the private sector due to the COVID-19 pandemic, H.M. King Salman has issued a royal decree extending multiple government initiatives focused on supporting individuals, private businesses and investors while they navigate through the pandemic and contribute to Saudi Arabia’s economy. Some of the extended initiatives include supporting affected Saudi employees through unemployment insurance (SANED), waiving recruiting fees, lifting temporary suspension of private facilities, resuming wages protection, delaying collection of import tariffs for 30 days, and postponing payment of value-added tax, excise tax, income tax, and Zakat for business owners. Since the start of the COVID-19 pandemic, Saudi Arabia has launched 142 initiatives worth $57 billion as a response to minimize the social and financial impact of the COVID-19 pandemic.
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