The Ministry of Commerce and Investment urges the companies to commit to posting their electronic financial reports in "Qawaem" program at the website qawaem.sa through licensed accounting firms
MCI emphasized the importance of posting the reports for the year 2015, six months from the company's financial year end, to avoid the penalties like suspending the commercial records for the uncommitted establishments, and apply the delay penalties mentioned in the companies' system
Is worth mentioning that the electronic posting for the financial reports "Qawaem" is supervised by the Ministry of Commerce and Investment in collaboration with the Saudi Organization for Certified Public Accountants and The Department of Zakat and Income Tax. The program provides input, update, and access to all the facilities' information like the commercial record, And the practice of the facility, the address, the authorized capital, paid-up capital, and the financial data, etc. All that to raise the transparency and accuracy of financial information levels and enhance the economic database for the commercial sector to be an official reference used in studies and planning in Saudi Arabia.