The Ministry of Trade and Investment urges the companies to submit their financial statements for the fiscal year 2015 on "Qawaem" and a commit to the provisions of the companies and the instructions issued by the ministry so as not to be subjected to the penalties prescribed in Article (213) of the Companies Regulations.
The ministry earlier announced to companies and urges them to commit to the submission of the financial statements through its electronic submission program "Qawaem" at licensed accounting firms through the website qawaem.sa
where many companies responded.
The Ministry of Trade and Investment has set up a committee by Article (216) of the Companies regulation issued by Royal Decree No. (M / 3) dated 28/01/1437 H specializes in inflicting penalties on the violated companies.
The electronic program "Qawaem" aims to facilitate and regulate the submission of the businesses operating companies' financial statements that are active in the Kingdom in particular deadlines, it also achieves several goals, like the accuracy and transparency of the financial statements. It also aims to provide accurate economic database; to be an important economic tributary to the decision-makers in the financial affairs and the business community.
This comes in the process of the ministry's keenness to implement the best corporate governance and disclosure to preserve the rights of the partners or shareholders practices as well as the personals dealing with these companies to contribute to the sustainability of economic entities and development and to improve trade and investment environment.