Section Code: 0043 - 0049
Board of Investments
INVESTMENT PROMOTION ACT
Chapter 5: Guarantees and Protection
Section 43. No Nationalization
The State shall not nationalize the activity of the promoted person.
Section 44. No Competition
The State shall not undertake a new activity in competition with the promoted person.
Section 45. No Monopolization
The State shall not monopolize the sale of products or commodities of the same kind as, or similar to those produced or assembled by the promoted person.
Section 46. No Price Controls
The State shall not impose the price control on the products or commodities of the promoted activity except when it is necessary for the economic and social development and for the security of the country but in no case shall the controlled prices be lower than those which the Board deems appropriate.
Section 47. Permission to Export Product
The promoted person shall be granted permission to export products or commodities of the promoted activity at all times except when it is necessary for the economic and social development and for the security of the country.
Section 48. No Importation of Similar Products by Government
The State shall not allow any government agency, government organization or state enterprise to import into the Kingdom, with import duties exempted any kind as those being produced or assembled by the promoted person, which are comparable in quality therewith and are available in sufficient quantity to be acquire for its use.
The provision of paragraph one shall not apply to munitions under the law on control of military munitions for use in the service of the Ministry of Defense.
Section 49. Protection from Importing Similar Products
In the case where it is necessary to protect the activity of the promoted person the Board shall have the power to impose special fees for the import into the Kingdom of products or commodities of the same kind as, similar to, or substitutable with those produced or assembled by the promoted person at the rates the Board considers appropriate but not exceeding fifty percent of the prices of such imported products or commodities, inclusive of overseas insurance and freight charges.
The imposition of special fees under paragraph one shall be announced in the Government Gazette and shall be effective each period not more than one year from the day following the date its publication in the Government Gazette.
The Board shall have the power to make by publishing in the Government Gazette an amending or cancellation of the announcement made under this section at any time it deems appropriate.
In the case where there is a question whether or not the product or commodities imported into the Kingdom are subject to the special fees in accordance with the announcement of the Board, the Board shall have the power to decide it and the decision of the Board shall be final.
The collection of special fees for the import under this section shall be the power and duty of the Customs Department and law on customs shall apply mutatis mutandis as if the special fees for the import were the import duties under the law on customs tariff.
In the case where the Board decides that such products or commodities are not subject to the special fees and person has paid the special fees therefore, the Department of Customs shall refund the fees to such person.