The Zakat, Tax and Customs Authority (ZATCA) updated the rules of public auction, which aim to regulate the procedures of auctions conducted by the authority in all its land, sea and air customs ports.
The rules also aim to provide a better experience for bidders, through facilitating the sale of confiscated, abandoned, waived, or seized goods.
In a statement, ZATCA said the updates include developing the procedures for announcing public auctions through official channels, as well as providing access to the auction details announced through the authority’s website. This aims to ensure transparency and enable bidders to participate in accordance with specific and clear policies that save effort and time for all stakeholders.
The updates also include providing access to auctions for natural or legal persons, as well as clarifying the auctions-related requirements and procedures in a way that achieves transparency and boosts the commitment of bidders.
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