MPs back proposal to scrap fines for late CR renewals
A push to scrap BD500 annual fines for late commercial registration (CR) renewals — penalties that can hit BD5,000 — has been backed by Parliament, aiming to relieve the financial strain on traders and citizens already grappling with tough economic conditions.
The proposal, directed at the Ministry of Industry and Commerce, seeks to scrap fines imposed on businesses that fail to renew their CRs within three years of the due date.
Unfair weight
Proponents of the move, including Khalid Saleh Buanaq, Hesham Al Awadhi, Zainab AbdulAmeer, Ali Al Nuaimi, and Hassan Ebrahim, described the fines as an unfair weight on business owners.
'This adds unnecessary pressure during a time when many are struggling with rising costs and financial hurdles,' the MPs stated in their submission. 'Scrapping these fines will offer relief and help individuals regain stability.'
The fines, introduced under a 2024 regulation amending an earlier directive from 2016, were flagged as a deterrent to business growth and compliance.
Hefty penalties
According to the MPs, the hefty penalties discourage traders from keeping their CRs active, ultimately stifling economic activity.
'Penalties like this acts as barriers, preventing traders from thriving or meeting their obligations. Removing them will clear the way for greater competition and economic growth,' their submission argued.
Tuesday's decision saw Parliament calling on the government to act quickly, with MPs pointing to the urgency of the matter.
Financial setbacks
They warned that traders facing fines as high as BD5,000 could face lasting financial setbacks if no action is taken.
'This is about standing by our traders and ensuring we're not piling on unnecessary burdens,' the MPs explained. 'Easing these pressures could breathe life back into businesses and encourage activity across the board.
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