Ministry of Commerce: Companies to Be Penalized if Financial Statements Not Submitted by June 30
The Ministry of Commerce has announced that companies with fiscal years ending on December 31, 2024, have only 15 days left to submit their financial statements.
These companies must file their reports by June 30, 2025, to avoid financial penalties in accordance with the Companies Law.
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Key Details
Submission Requirements
- Financial Statements: All companies are required to prepare financial statements at the end of each fiscal year in line with the accounting standards adopted in Saudi Arabia.
- Deadline: Statements must be submitted within six months of the fiscal year’s end, as stipulated in Article 17 of the Companies Law.
Responsibility for Filing
The responsibility for filing lies with:
- The company president,
- The general manager, or
- The chairman of the board, depending on the company’s legal form.
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Importance of Financial Statements
- Submitting financial statements helps companies meet regulatory requirements and demonstrates operational transparency.
- It ensures compliance with market rules and performance benchmarks, protecting companies from legal liability.
- These statements support shareholders and partners in monitoring performance and assessing corporate governance, enhancing the company’s credibility with financial institutions.
Penalties for Non-Compliance
The Ministry warned that failure to prepare or file financial statements in accordance with approved standards and legal provisions will result in financial penalties, as outlined in Article 262 of the Companies Law.
Submission Process
Financial statements must be submitted electronically via the Qawaem platform at: Qawaem Platform.
Companies are urged to act promptly to ensure compliance and avoid penalties.
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