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Oversight Controls
The procedures implemented by the entity and its employees as an internal control tool to reduce and mitigate risks that may affect the achievement of objectives, which includes procedures and controls that are implemented on all administrative levels, operations, inputs and outputs of all kinds.
Offeror
In the Rules on the Offer of Securities and Continuing Obligations, a person who makes an offer or invites another person to make an offer that, if accepted, would result in the issuance or sale of securities by that person or by another party with whom arrangements have been made for the issuance or sale of the securities; and in the Merger and Acquisition Regulations, a person who makes or intends to make a takeover offer subject to the Merger and Acquisition Regulations.
Finance Lease Contract
A finance lease contract established between the lessor and the lessee under which the lessor is obligated to transfer the leased asset, either owned by the lessor or obtained from the supplier, to the lessee's possession for use, provided that ownership of the asset is transferred to the lessee, or the lessee has the option to purchase the asset after a specified period, and to settle the obligations agreed upon between the contracting parties.
Rating Category
A rating symbol, such as a letter or numerical symbol which might be accompanied by appending identifying characters, used in a credit rating to provide a relative measure of risk to distinguish the different risk characteristics of the types of rated entities, securities or other assets.
Current Account Surplus
A surplus that occurs when a country's revenues from exports (goods, services, and transfers) and income received from abroad exceed its expenditures on imports of goods, services, and other financial payments (such as interest on debt or remittance payments to foreign countries).
Offer Period
The period from announcing a confirmed intention to provide an offer until the offer becomes unconditional as to acceptance, or until the extraordinary general assembly issues a decision to the offeror, as the case may be, and the offeree company in case of acquisition by an offer to exchange securities against the total shares of the offeree company.
Place of Effective Management
The place where the most important commercial and administrative decisions necessary for the conduct of a person's business are made, or the place where decisions are made by senior management, such as the board of directors, or the place where the general direction of the business is determined.
Income-Generating Expenses
Regular and necessary expenses, whether paid or due, incurred during the tax year to earn a taxable income. These expenses are eligible for deduction when calculating the tax base except for any capital expenditures and other expenses that are not subject to deduction under the income tax law and its implementing regulation.
Place of Actual Consumption
The place where the customer actually consumes the goods, either within the framework of the supply of electricity, gas, oil, water, and other public services through the pipeline distribution system. The Zakat, Tax, and Customs Authority considers the actual place of consumption to be the registered location, or the delivery point where the goods are delivered.
Ownership and Control of Capital and Voting rights
One of the requirements for forming a tax group is that each legal person must be directly or indirectly controlled by the same person, or by a group of persons, either: by owning (50%) or more of the capital of each legal person who is a member of the tax group to be formed, or by owning (50%) or more of the ownership rights or voting rights of each legal person who is a member of the tax group to be formed.
Ultimate Parent Entity of Multinational Enterprise (MNE) Group
An entity that is a member of a multinational enterprise group and that: directly or indirectly owns sufficient shares in one or more entities belonging to that group to be required to prepare consolidated financial statements in accordance with the generally accepted accounting principles in its country of tax residence, or would be required to prepare them if its shares were publicly traded in the financial market of its country of tax residence.
Fund Sub-Manager
A third party contracted by a fund manager, under a contract, in accordance with the Investment Funds Regulations and the Real Estate Investment Funds Regulations, and takes on the fund manager’s behalf all or part of the investment decisions for an investment fund managed by the fund manager.
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