Tuesday, 10 Sha'ban 1445 - The Cabinet today approved the extension of exemption for small businesses from financial counterpart for three years. This decision comes as part of government efforts to support and enhance local economic growth, carrying with it numerous significant benefits, which we highlight as follows:
- Supporting the local economy: The decision contributes to stimulating economic activity in general by reducing financial burdens on small enterprises, thus enhancing their ability to invest and grow.
- Encouraging entrepreneurship: The exemption serves as an incentive for more individuals to establish their own businesses, aiding in the creation of a vibrant and diverse business environment.
- Enhancing financial stability for small businesses: By reducing financial burdens, small enterprises can improve their financial stability and allocate greater resources for development and expansion.
- Creating job opportunities: It is expected that the decision will contribute to creating more job opportunities by improving the working environment for small businesses, benefiting the economy as a whole.
- Achieving sustainability: By alleviating the financial burden on small enterprises, the decision helps them achieve business sustainability in the long term, ensuring their survival and growth in the market.
This decision represents a positive step towards enhancing the business and economic environment, strongly supporting vital sectors of the economy that heavily rely on small businesses.
In conclusion, we extend our sincerest prayers for the Custodian of the Two Holy Mosques and His Crown Prince, asking the Almighty to preserve them and continue to bless them with health and well-being, and to grant them His assistance and guidance for the good and prosperity of this beloved nation.
February 20, 2024
- BY Sultan Alqahtani