The Ministry of Commerce and Investment has renewed its call for companies to comply with the requirement to file their 2016 financial statements through the “Qawaem” electronic filing program via licensed accounting firms, accessible through the website qawaem.sa.
At the same time, the Ministry warned of penalties for failure to file financial statements, which may include suspension of commercial registrations and the imposition of penalties stipulated in the Companies Law in the event of a delay beyond the statutory filing period, which is set at six months from the end of the company’s fiscal year.
The Ministry notes that the number of companies filing their financial statements has shown steady growth during the years 2014, 2015, thanks to cooperation between the Saudi Organization for Certified Public Accountants and the General Authority for Zakat and Income. It further states that companies required to submit their financial statements under the Companies Law must promptly file them through the “Qawa’im” electronic filing system Failure to file or filing after the statutory deadline specified in the Companies Law will result in the penalties prescribed in Article 213 of the Companies Law.
The “Qawa’im” program provides a service for entering, updating, and accessing company information—such as commercial registry details, the company’s activities, its address, authorized capital, paid-in capital, and financial statements—ensuring accuracy and transparency. The program also aims to provide an accurate economic database to serve as an important economic resource for decision-makers in economic affairs and the financial and business community.
It is worth noting that “Qawa’im,” the electronic filing program for financial statements, provides services for entering, updating, and viewing information related to businesses, such as commercial registry details, business activities, business addresses, authorized capital, paid-in capital, and financial statements, among other details. This contributes to enhancing the transparency and accuracy of financial information and strengthens the economic database for the commercial sector, making it an official reference used in studies and planning within the Kingdom.
