TaxSavvySA

Missed the Qawaem deadline

We missed the six-month Qawaem deadline. What now?

The situation

Financial statements are due on Qawaem within six months of year end. The Ministry of Commerce has warned companies about penalties for missing the deadline; the amount was not confirmed in our sources.

The law

  • Ministry of Commerce guidance on filing financial statements: Statements filed on Qawaem within six months of year end by the manager or board

What it means for you

File as soon as the statements are ready to limit exposure. If the delay is due to the audit, keep correspondence showing the reason. Check whether the delay also made your Zakat or tax return late, which carries its own penalty.

What to do

  1. File on Qawaem now.
  2. Check for any penalty notice.
  3. Fix the year-end timetable.

We can do this for youAnnual financial statements, statutory audit and Qawaem filing within six months: SAR 6,000

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