Ministry of Commerce and Industry "MCI" launches Qawaem services

8 February, 2015

The MCI in cooperation with Saudi Organization for Certified Public Accountants 'SOCPA' has launched Qawaem service. The service aims to provide a set of financial statements and information services through XBRL format for the use of public and private sectors. It also aims to improve and increase work efficiency and take advantage of the financial statements filed with MCI to provide information and services unique to the beneficiaries, stakeholders and shareholders through the Conversion of the financial statements paper to electronic system and deposited automatically. This will support the credibility of the financial statements with the beneficiaries, such as the MCI, the Department of Zakat and Income Tax 'DZIT', commercial banks and other beneficiaries.

The new portal shall go live on January 1, 2015 and on first stages requires the publicly listed companies and limited liability Company to comply with MCI Qawaem guidelines, while the rest of enterprise forms will have to comply at a later stage.