The deadline set by the Ministry of Commerce for companies whose fiscal year ended on December 31, 2024, to file their financial statements, as stipulated by the Companies Law, expires today, Monday, amid assurances that financial penalties will be applied against late filers.

The Ministry stressed that filing is mandatory for all types of companies, based on Article (17) of the Companies Law, which states that financial statements must be prepared at the end of each fiscal year in accordance with the accounting standards adopted in the Kingdom, and must be filed within a period not exceeding six months from the end of the fiscal year.

The Ministry also stressed that the responsibility of filing financial statements is mandatory for all types of companies. <It also clarified that the responsibility for filing lies with the company's president, chief executive officer or chairman of the board of directors, depending on the company's legal form. If this obligation is violated, a fine will be imposed according to Article (262) of the law.

And if this obligation is violated, a fine will be imposed according to Article (262) of the law.