‘Don’t use personal bank account for business dealings’

Muscat: Companies have been urged by the Omani government to use their company bank accounts for business transactions rather than their personal bank accounts.
Asilah Abdullah Al Husseini, Head of the Control of Commercial Establishments at the Directorate of Audit and Control in the Ministry of Commerce and Industry, said that it was noticed that some companies use their personal accounts in their business dealings, instead of the bank accounts of their companies.
She said that the Ministry, in cooperation with the Central Bank of Oman and the Secretariat General of Taxation, is continuously monitoring companies operating in the Sultanate to ensure that they open their accounts in the Sultanate and present their annual financial reports to the concerned authorities here, as this helps the ministry identify active and inactive companies and enterprises.
Asilah Al Husseini also urged companies to stop misusing government facilities and presenting false financial statements to avoid compliance with regard to Omanisation and to evade taxes. These practices adversely affect the national economic growth and those who indulge in such acts are exposed to accountability before the law. The Ministry of Commerce and Industry recently called a number of enterprises and companies in order to investigate the validity of their registrations, if they have workers, whether they have all licences required to continue their work in the right way, their Omanisation rate as well as their commitment to present annual financial reports to the concerned authorities.