The Ministry of Commerce and Investment has stressed the need for companies to commit to filing their financial statements through the electronic filing program «Qawaem» through accounting offices, via the website qawaem.sa.

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The Ministry stressed the importance for companies to expedite the filing of their lists for the fiscal year 2015 to avoid the prescribed penalties that reach the suspension of commercial records for non-compliant organizations and impose the penalties stipulated in the Companies Law in case of delay from the regular filing period, which is set at six months from the end of the company's fiscal year.

The Ministry stressed the importance of companies to file their lists for the fiscal year.

It is worth mentioning that the electronic filing program for financial lists "Qawm" is supervised by the Ministry of Commerce and Investment in cooperation with the Saudi Organization of Accountants and the Zakat and Income Tax Authority, where the program provides the service of entering, updating and accessing information about enterprises such as commercial registration information, enterprise activity, enterprise address, authorized capital, paid-up capital, financial data of the enterprise, and others, which contributes to raising the level of transparency and accuracy of financial information and enhancing the economic database of the commercial sector to be an official reference used for studies and planning in the Kingdom.