New fines for failure to submit financial statements

Financial managers that fail to submit financial statements will incur fines ranging from SAR 4k to SAR 20k starting Monday, 1 July 2024, according to a new Commerce Ministry decree. Repeat offenders will see their fines increase by 50%.

Unlisted joint-stock companies:

• Non-complying financial managers at companies with less than SAR 5 mn in capital will be fined SAR 15k;
• Non-complying financial managers at companies whose capital is at SAR 5 mn or more will be fined SAR 20k;

Other companies:

• Sole financial managers at companies with less than SAR 500k in capital will be hit with a SAR 8k fine. If the company has multiple financial managers, they will each incur a SAR 4k fine;
• Sole financial managers at companies with SAR 500k or more in capital will incur fines of SAR 12k. Companies with multiple financial managers will see each of them incur a SAR 6k fine.