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Oman Penalized Over 400 Businesses for Secret Commerce
Over 400 businesses in Oman are facing penalties for engaging in hidden trade practices, these audits were conducted across key governorates. The initiative aims to create a fairer business environment by cracking down on illicit activities.
Firms Faced Penalties
The National Team for Combating Hidden Trade (NTT) audited 581 commercial companies in Muscat, Dhofar, and North Al Batinah. As a result, administrative penalties were issued to 410 establishments for violations.
Additionally, 77 companies complied with audit requirements by submitting necessary documents, such as bank statements and lease contracts. This brought the response rate to 13.2 percent.
Focus on Key Areas
The selection of Muscat, Dhofar, and North Al Batinah was based on the high volume of commercial records in these areas. Muscat Governorate has 20,244 records, while North Al Batinah and Dhofar each have 16,094.
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Campaign Aims Highlighted
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, emphasized the campaign’s goals. These goals include combating hidden trade, promoting economic integrity, and increasing confidence in the economic system by addressing the misuse of licenses.
The monitoring included 106 activities, covering those prohibited to foreign investment (except 20 activities) and certain service activities. Dental clinics and pharmacies were included, provided the company had been established for five years.
Exemptions Clarified
Certain sectors were exempted from the ban, including tailoring, vehicle repair, hairdressing, laundry, flower sales, and pet care services. These exemptions provide clarity on the types of businesses that are not targeted by the campaign.
Banking Compliance Urged
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. Compliance is mandatory under the Commercial Companies Law and related ministerial decisions aimed at combating hidden trade.
The Oman Chamber of Commerce and Industry (OCII) also emphasized the need for all commercial institutions and companies to adhere to opening bank accounts. This is in line with the Commercial Companies Law and ministerial decisions designed to combat hidden trade.
