MoCI urges investors to use company bank accounts for dealings

MUSCAT, JUNE 22 – The Ministry of Commerce and Industry (MoCI) urged investors to use bank accounts of their commercial establishments for their dealings and avoid using their personal bank accounts for the purpose. Asilah bint Salem bin Abdullah al Husseiniya, Head of the Control of Commercial Establishments at the Directorate of Audit and Control in the Ministry of Commerce and Industry, said that it was noticed that some owners of commercial establishments or companies use their personal accounts in their business dealings, instead of the bank accounts of their companies.
She said that the ministry, in cooperation with the Central Bank of Oman and the Secretariat General of Taxation, was continuously monitoring companies operating in the Sultanate to ensure that they open their accounts in the Sultanate and present their annual financial reports to the concerned authorities here. This would help the ministry learn about the active and inactive companies and enterprises.
Asilah al Husseiniya also urged that the facilities provided by the government should not to be misused and not to present wrong financial statements to avoid compliance in regards with Omanisation and evade taxes. These practices adversely effects national economic growth and those who indulge in such acts are exposed for accountability before the law.
MoCI has recently called a number of enterprises and companies to investigate about the validity of their registrations, if they have workers and they have all licenses required to continue their work in a right way, their ration of Omanisation as well as their commitment to present annual financial reports to the concerned authorities.