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Refund Request
A request submitted by a taxable person, or his representative, to the Authority requesting a refund of the overpaid tax, or any other overpaid amounts, in accordance with the terms and conditions contained in the regulations, rules, and instructions issued by the Zakat, Tax and Customs Authority.
Tax on Goods and Services
Taxes that become payable when goods are produced, sold, transferred, leased or supplied, or when such goods and services are used for personal consumption or capital formation (including value added taxes, excise taxes and other taxes on the use of goods and on the permission to use goods or carry on activities).
Future Contract
Rights under contracts for the sale of a commodity or property of any other description under which delivery is to be made at a prospective date and at a price agreed on when the contract is made, but excluding rights under any contract which is made for commercial and not investment purposes.
Standstill Period
Ten (10) working days from the date of announcing the list of persons who expressed their interest in bidding in the PSP Project tender, the list of qualified bidders to submit proposals, the shortlist of bidders, the results of the tendering and the preferred bidder, or the end of the negotiation procedures. Five (5) working days shall be added to this period in the event of any appeal in relation to tendering and award procedures, The Supervisory Committee may reduce these periods upon the request of the Concerned Entity if it provides justifications therefor.
Competitive Value Proposition
A brief statement describing the unique benefits or value a product, service, or solution provides to its beneficiaries. This statement tells the customer why they should choose a particular offering over other options, highlighting the key features that address the customer's needs or challenges.
Remunerations and Compensations
In the Capital Market Institutions Regulations, amounts, allowances, profits and the like, periodic or annual bonuses linked to performance, long or short-term incentive plans and any other in-kind benefits, except for the actual reasonable expenses and fees incurred by the company to enable a board member to perform his duties.
Adjustment Period
The period in which the Taxable Person shall adjust previously deducted Input Tax in relation to a Capital Asset in cases where the Taxable Person’s Input Tax decreases or increases as a result of a change in the way the Taxable Person uses the Asset, or a change in the VAT status of such use.
Fund Manager
The capital market institution that carries out the management of the assets of an investment fund or a real estate investment fund, and the management of its business and offering of its units in accordance with the Investment Funds Regulations, the Real Estate Investment Funds Regulations and the Rules for Special Purposes Entities.
Sponsor
The person responsible for sponsoring the special purposes entity in accordance with the provisions of the Rules for Special Purposes Entities.
Down Payment
An initial payment made when purchasing an expensive item or securing a loan, representing a percentage of the total purchase price or loan amount.
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