Financial and Economic Dictionary

Job Performance

An employee's effectiveness and productivity in carrying out their work tasks and responsibilities.

Temporary Storage of Goods

Storing of goods under Zakat, Tax and Customs Authority (ZATCA) control in premises and enclosed or unenclosed spaces specified by the ZATCA (temporary stores) pending lodgment of the Goods declaration.

Prohibited Goods

Any goods the import or export of which is prohibited under the provisions of the Common Customs Law for GCC Countries or any other law.

Eligible Used Goods

Goods prescribed by ZATCA as eligible for calculating VAT based on profit margin.

Restricted Goods

Any goods the import or export of which is restricted under the provisions of the Common Customs Law for GCC States or any other law.

Identical Goods

They mean goods that are similar in all respects, including physical characteristics, quality and goodwill. Minor differences in appearance would not preclude goods otherwise conforming to the definition from being regarded as identical.

Imported goods being valued

The goods being valued for customs purposes.

Banking Wire Transfer

An electronic transfer of funds between financial institutions.

الإنفاق الرأسمالي الثابت

Cartel

A group of businesses or countries that coordinate to control prices and limit competition.

Customs Warehousing Procedure

A Customs procedure under which imported goods are stored under Customs control in a designated place (a Customs warehouse) without payment of import duties and taxes.

Judicial Jurisdiction

Legal authority of a court to hear and decide cases within a defined geographical area, including the organizational and legal boundaries that govern its operation and rules.