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Laws and Regulations > The Basic Law Of Government > Chapter Four
 
Chapter Four
Economic Principles
Article 14:
All natural resources that God has deposited underground, above ground, in territorial waters or within the land and sea domains under the authority of the State, together with revenues of these resources, shall be the property of the State, as provided by the Law.

The Law shall specify means for exploitation, protection and development of these resources in the best interest of the State, and its security and economy.

Article 15:
No concessions or licenses to exploit any public resources of the country shall be granted unless authorized by provisions of the Law.

Article 16:
Public funds are inviolable. They shall be protected by the State and safeguarded by all citizens and residents.

Article 17:
Ownership, capital and labor are basic components of the economic and social entity of the Kingdom. They are personal rights which perform a social function in accordance with the Islamic Sharia.

Article 18:
The State shall guarantee private ownership and its sanctity. No one shall be deprived of his private property, unless in service of the public interest. In this case, a fair compensation shall be given to him.

Article 19:
General confiscation of assets is prohibited. No confiscation of an individual's assets shall be enforced without a judicial ruling.

Article 20:
No taxes or fees shall be imposed, except in need and on a just basis. Imposition, amendment, cancellation or exemption shall take place according to the provisions of the Law.

Article 21:
Zakat shall be collected and spent for legitimate expenses.

Article 22:
Economic and social development shall be carried out according to a fair, wise plan.

 
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