The Ministry of Commerce and Investment has called on all companies to commit to put in their financial statements for 2016 AD, through the electronic filing program "qawaem" via the licensed accounting offices, and through the link on the website
qawaem.sa.
Meanwhile, MCI stressed the importance of putting in the Financial Statements for the fiscal year 2016 AD by the companies as soon as possible, to avoid the legal penalties that may reach to the suspension of the Commercial Registration for the non-compliant enterprises, and imposing the relevant penalties mentioned in the Corporate Law, in case of any delay over six months from the end of the corporate fiscal year.
MCI would like to point out that the process of putting in the corporate financial statements has been growing on since 2014-2015 AD, through the cooperation of the Saudi Organization for Certified Public Accountants and the General Authority for Zakat and Income. Urging all companies to put in their financial statements as soon as possible, otherwise they will be liable to penalties and fine, as prescribed in Article (213) of the Corporate Law.
It is worth mentioning that “qawaem" program provides e-service to put in, update and view the corporate information, such as the commercial registration, the company’s activity, address, authorized capital, paid up capital and the corporate financial data, thus achieving accuracy and transparency. The program aims to provide as well a precise economic database to be an important economic resource for the decision-makers, as far as the economic, business and financial community is concerned. This would raise the level of transparency and the financial information accuracy, besides enhancing and boosting the economic database of the trade sector, to be an official reference for studies and planning in the Kingdom.