Over 400 firms penalised in Oman for hidden trade
Muscat - The National Team for Combating Illicit Trade (NTT) has conducted audits of 581 commercial companies in three main governorates: Muscat, Dhofar, and North Al Batinah as part of the ongoing efforts to combat hidden trade and enhance the business environment.
These efforts resulted in the issuance of administrative penalties to 410 violating establishments. Meanwhile, 77 companies complied with the audit requirements by submitting the necessary documents, such as bank statements and lease contracts, bringing the response rate to 13.2 percent.
These governorates were selected based on the high density of commercial records. Muscat Governorate has 20,244, North Al Batinah 16,094, and Dhofar 16,094.
Nasra bint Sultan al Habsi, Director General of Commerce at the Ministry of Commerce, Industry and Investment Promotion (MOCIIP)
Nasra bint Sultan al Habsi, Director General of Commerce at the Ministry of Commerce, Industry and Investment Promotion (MOCIIP) and Head of the National Taskforce for Illicit Trade, confirmed that the campaign aims to combat hidden trade and promote economic integrity by combating the misuse of licenses and various professions, in addition to raising confidence in the economic system and increasing tax revenues.
She explained that the number of activities subject to monitoring reached 106, including those prohibited to foreign investment (except 20 activities), in addition to some service activities such as dental clinics and pharmacies, provided that the company has been established for five years.
Activities exempted from the ban include sectors such as tailoring, vehicle repair, hairdressing, laundry, flower sales, and pet care services.
The Ministry of Commerce, Industry, and Investment Promotion (MOCIIP) has urged all institutions and commercial companies to open a bank account in one of the licensed banks in the Sultanate of Oman.
This is mandatory as per the Commercial Companies Law issued by Royal Decree 18/2019 and its executive regulations issued by Ministerial Decision 146/2021 and Ministerial Decision 412/2023 regarding combating hidden trade.
The Oman Chamber of Commerce and Industry (OCII) also stresses the need for all commercial institutions and companies to commit to opening a bank account in one of the banks licensed to operate in the Sultanate, as per the provisions of the Commercial Companies Law and ministerial decisions to combat hidden trade
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
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