The Minister of Commerce and Industry, Dr. Tawfiq bin Fawzan Al-Rabiah that there would be no leniency in imposing regulatory penalties on officials of companies and institutions that fail to file their financial statements in the «Qawa’im» program by January 19, 1437 AH, corresponding to November 1, 2015 CE. He stated that the records of non-compliant companies would be suspended without exception if they failed to file their financial statements and were more than six months late beyond the statutory deadline of six months from the end of the company’s or institution’s fiscal year, in addition to imposing a prison sentence and a fine on violators, in accordance with Article 229 of the Companies Law.

Emphasizing the importance of all companies and institutions legally required to file their financial statements to do so promptly through licensed accounting firms, in order to avoid the suspension of their commercial registrations and the imposition of penalties against them...