«التجارة» تدعو الشركات لإيداع قوائمها المالية عن السنة المالية 2024

The Ministry of Commerce has called on companies whose financial year ends in 2024 to submit their financial statements by no later than Monday, June 30, 2025, in order to avoid financial penalties in accordance with the Companies Law.

The ministry clarified that companies must prepare their financial statements at the end of each financial year in accordance with the accounting standards adopted in the Kingdom, and submit them within (6) months from the end of the financial year, based on Article (17) of the Companies Law.

The responsibility for submitting the financial statements lies with the company's president, or the company's manager, or the chairman of the board of directors, depending on the type of company. Submitting the financial statements contributes to meeting the regulatory requirements according to the type of company, clarifying its activity and performance, ensuring compliance with market rules and performance indicators, avoiding legal accountability for violating the Companies Law, and assisting shareholders and partners in monitoring the companies' performance and conducting financial analysis of the financial statements, as well as evaluating the extent of governance and transparency of the companies, in addition to instilling confidence in the company among funding and lending entities.

The ministry emphasized that a company that fails to fulfill its obligation to prepare financial statements in accordance with the adopted accounting standards or to submit them in accordance with the provisions of the law will be penalized with a financial fine, in accordance with Article (262) of the Companies Law. It urged the preparation and electronic submission of financial statements via the Qawaem platform through the following link: https://qawaem.bc.gov.sa/ar/Pages/default.aspx.