Chapter 1 - General Provisions
Article 1 - Definitions
A. Wherever contained herein, the following terms and expressions shall have the meanings ascribed thereto unless the context otherwise requires:
The Kingdom | : | The Kingdom of Saudi Arabia. |
The Authority | : | Zakat, Tax and Customs Authority. |
The Governor | : | The Governor of the Authority. |
The Governing Body | : | Economic Cities and Special Zones Authority. |
The Statute | : | The statute of The Governing Body issued by the royal decree No (A\19) dated 10\03\1431H, and any amendments thereto. |
The Zone | : | King Abdullah Economic City's Special Economic Zone, Ras Al-Khair Special Economic Zone, Jazan Special Economic Zone, and Cloud Computing Special Economic Zone, established under The Statute's provisions. |
Exemptions and Incentives | : | The tax and customs exemptions and incentives available for the Investor in the Zone, as referred to in Article Twenty (20) of the Statute. |
Qualified Activities | : | The activities that shall qualify for the exemptions, incentives, and exceptions approved for the Zone. |
Investor | : | A person authorized to carry on all the Qualified Activities in accordance with The Statute and the issued regulations. |
Economic Substance Requirements | : | The requirements that must be satisfied by the Investor to ascertain the substance of the economic activities in the Zone, as prescribed in Article Three (3) of these Regulations. |
Intellectual Property Assets | : | Means any intellectual property rights, including copyright and related rights, patents, trademarks, industrial models, plant varieties and layout designs for integrated circuits. |
Financial Year | : | The accounting fiscal year of the Investor. |
B. Notwithstanding Paragraph (A) of this Article, any term or expression used in these Regulations which is not defined in this Article shall be defined and interpreted according to the following reference in the order in which they appear:
Legislations in force in the zone.
Zakat, Tax, and Customs laws in force in the Kingdom.
Legislations in force in the Kingdom.
Article 2 - Purpose of the Regulation
This Regulation are for the purpose of prescribing the Economic Substance Requirements applicable in the Zone and its relevant provisions.