Hassan Al -Sitry
The Director of Registration Department at the Ministry of Industry and Trade, Badr Al -Saad, confirmed the start of the implementation of Resolution No. 43 of 2024 regarding payments for commercial transactions for commercial establishments, which came to develop a clear organizational framework that obliges all commercial facilities to open a commercial bank account for its commercial registry to ensure the dismissal of personal funds from commercial, and to provide at least one electronic payment mechanism to enable customers to pay through modern means, in addition to conducting all commercial transactions exclusively via Commercial bank account to ensure transparency and legal compliance.
He emphasized during a press conference yesterday to announce the decision mechanism, the role of organizational measures that contribute to supporting economic development by improving the business environment and keeping pace with global changes in digital payment.
Al -Saad indicated that all commercial institutions are required to open at least one commercial bank account for each facility, regardless of the number of their branches, and to ensure that all transactions are carried out through this bank account instead of personal accounts, explaining the need for commercial facilities to adhere to the decision to ensure the transparency of financial transactions and protect the national economy. Al -Saad pointed out that the primary goal of the decision is to educate business owners about the importance of shift towards organized financial transactions and facilitating compliance with modern commercial laws, which enhances the business environment, and guarantees consumer rights.
The Director of Registration Department explained that the decision will lead to a set of benefits that will reflect positively on the commercial market, including enhancing consumer protection, by organizing financial transactions and raising the level of safety in financial transfers, providing multiple electronic payment options, which facilitates payment operations, enhances e -commerce, improving tracking cash flows, through the use of commercial bank accounts, which contributes to increasing financial transparency, and contributing to combating money laundering by making sure The validity of the financial statements, the analysis of cash flows, and the raising the level of compliance with the legislative framework for value -added tax and relevant administrative laws.
He stressed that these organizational measures contribute to supporting economic development by improving the business environment and keeping pace with global changes in digital payment.
Al -Saad pointed out that the decision applies to all commercial establishments, including companies of all kinds, whether small, medium or large, and individual institutions that have an official commercial record, and virtual commercial stores registered within the electronic system “Sajli”, which are required by the decision with the same rules approved for traditional commercial entities, noting that all commercial institutions are required to open a commercial bank account at least for each facility, regardless of the number of Its branches, ensuring that all transactions are carried out through this bank account instead of personal accounts.
He explained that all new commercial records have become obligated to update their data before the issue, while the procedures are gradually applied to the existing records, to ensure a smooth transition towards complete compliance with the decision, indicating that one of the decision goals is to reduce dependence on unorganized monetary transactions, which may contribute to tax evasion and lack of clarity of funds.
He added that the ministry seeks to make the commercial bank account the primary axis of financial transactions, which enhances financial oversight, and facilitates accounting auditing, pointing out that the current procedures represent the founding phase of the gradual transition to an integrated digital economic environment.
It is noteworthy that the stages of implementation of the decision, underwent a timetable where the ministerial decision was issued and the gradual application began for it in coordination with the relevant authorities on June 13, 2024, and then the completion of the first phase of commercial establishments, including the registration of commercial bank accounts and the provision of electronic payment services in December 2024, provided that the second phase of commercial establishments is completed and entered into the central system, to ensure the full application of the decision next June. On the presence of a secret shopper to reveal the commercial violations of employers in relation to commercial payments.
In response to a question to “Al -Watan”, he said that there are discounts on payment in cash upon electronic payment that: “Payment in cash at a price less than the card is a violation, and we have a secret shopper, go to shopping and if the violation is monitored, the resulting penalty is placed.”
He continued: «We do not want to apply the existing methods in other countries without studying. During this period we evaluate the stage, and we will not take the role of the National Agency for Revenue, but the decision was issued in harmony with all relevant institutions.
He stated that, according to the new system, any new request is accepted only by bank data, and we do not want to put a lot of obstacles to the owners of institutions, so we left it flexible at the beginning, provided that the supervisory role comes later. Regarding banks that are difficult to open accounts, some of the banks we have in the system open a banking account quickly, and it is a direction with the central bank. He said, “If the bank refuses to open a commercial account, let us address the owner of the record to stand on the problem,” he said.
