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"Commerce" calls on companies whose fiscal year ends on December 31, 2025, to submit their financial statements before the end of the regulatory deadline on June 30, 2026.
The Ministry of Commerce has called on companies whose fiscal year ends on December 31, 2025, and have not yet submitted their financial statements, to expedite the submission before the end of Tuesday, June 30, 2026, to avoid financial penalties in accordance with the provisions of the Companies Law.
The ministry clarified that the process of submitting financial statements is an obligation for all companies in accordance with the provisions of the Companies Law, as paragraph (2) of Article (17) states: "The company must prepare financial statements at the end of each fiscal year in accordance with the accounting standards approved in the Kingdom, and submit these statements in accordance with the regulations within (six) months from the end of the fiscal year, in accordance with the provisions of the law."
The responsibility for submitting financial statements falls on the director(s) / chairman of the board of directors / CEO / liquidator, "depending on the company's structure." In case of breach of duty by the responsible person in the company, they shall be subject to a financial penalty, in accordance with paragraph (e) of Article (262) of the Companies Law.
Financial statements are submitted electronically via the Qawaem platform: qawaem.bc.gov.sa