«Commerce»: A fine of up to 4 thousand riyals for delay in filing financial statements
The Ministry of Commerce presented a draft ministerial decision regarding direct penalties for violations of non-deposit Direct penaltiesfor anyone who fails to perform his duty in filing financial statements, which contributes to raising the level of transparency and compliance with the provisions of the Companies Law.
Exclusion of listed joint-stock companies
According to the project, Finesaccording to the form of the company, the size of the capital, and the number of those responsible for management, for all forms of companies except listed joint-stock companies.
The project took into account small and micro companies by issuing reduced fines commensurate with their size and the nature of their business, while the fine amounts to (4,000) riyals when there is one director or chairman of the board of directors, and (2,000) riyals when there are multiple officials responsible for management.
Progressive fines
The project included progressive fines. The penalty of warning for failure to deposit financial statements for the fiscal year 2024 is sufficient.
The project stipulates that the fine be increased by (50%) upon repeating the violation of failure to deposit financial statements for two consecutive fiscal years after the first violation decision becomes final.
The project includes canceling Ministerial Resolution No. (239) dated 11/27/1445 AH, and implementing the new decision from the date of its publication in the newspaper. Official.
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