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Oman News

Oman’s Finance Ministry issues circular on preparing final account for 2022

The Ministry of Finance issued Circular No. 1/2022 regarding the preparation of the state's final account for the fiscal year 2022, in which it called on all units of the state's administrative apparatus to submit their final accounts for the current fiscal year.

Oman News Agency

Thursday, November 24, 2022

MUSCAT : All government units are instructed to submit their final accounts to the Ministry and State Audit Institution, no later than March 15, 2023, with the inclusion of the most important results and objectives achieved in implementing the approved budgets for various ministries and units during the fiscal year. it should also include actual revenues and expenditures compared to approved revenues and expenditures.

The ministry indicated that the financial status should include details of cash balances of all ministries and government units in bank accounts, government treasuries, debit and credit balances, permanent and temporary advances, the pledge of financial stamps, and Government’s financial entitlements, in addition to a statement of non-financial assets of real estate and lands.

The Ministry also stressed the need for public bodies and institutions (which do not apply the systems for commercial accounts) to submit their accounts and financial statements for the fiscal year 2022 to the Ministry of Finance no later than February 5, 2023.

The Ministry urged all relevant entities to follow the prescribed procedures and provisions set out in the circular. It also asserted that any violation of the provisions of the circular will be considered as financial misconduct as per the Article 41 of the Financial Law promulgated by the Royal Decree No. 47/98.

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