The Shura Council approved the draft regulation on installment sales and rejected the proposal to impose administrative fees and commissions equivalent to 1% on sellers. This took place during the Council’s session last week.
Members struck down the article imposing this fee following an additional recommendation by Mansour Al-Kridis, in which he called for the deletion of this article from the regulation, emphasizing that it contradicts the objective stated by the Ministry of Commerce and Investment and the Saudi Arabian Monetary Authority regarding the installment sales regulation—namely, to make this type of sale an effective part of the merchant’s core business and to support their trade by facilitating customers" access to the merchant’s goods or services, Furthermore, according to Al-Kredis, administrative fees are already factored into the merchant’s product costs, so no additional 1% fees should be charged.
During its 61st regular session, chaired by Council Vice President Dr. Muhammad al-Jafri, the Shura Council called on the Communications and Information Technology Commission to coordinate with relevant authorities to explore ways to further stimulate investment in the communications and information technology industry.
The Council approved recommendations on the report of the General Organization of Railways and urged it to adapt stations and trains to provide the best services for people with special needs, in accordance with the Universal Access Program.
