Muscat: On Tuesday, the Ministry of Commerce, Industry and Investment Promotion hosted the inaugural meeting of the National Team to Combat Hidden Trade. The meeting was attended by representatives from various government entities including the Ministry of Labour, the Ministry of Information, the Government Communication Centre, the Tax Authority, the Central Bank, the Royal Oman Police, the Consumer Protection Authority, and the Small and Medium Enterprises Development Authority.
The purpose of the meeting was to review and discuss the implementation mechanism of the decision to combat hidden trade, examine the terms of reference of the national team, and agree on the initial phase of implementing the decision No. 412/2023 issued by the Ministry of Trade, Industry and Investment Promotion.
The National Team for Combating Hidden Trade is responsible for proposing commercial activities that require oversight, streamlining procedures for enforcing the Anti-Hidden Trade Decision, conducting regular meetings with the technical team to ensure compliance with the decision, monitoring and evaluating its work, and receiving reports from the technical team.
The Ministry of Commerce, Industry and Investment Promotion urges commercial company owners to promptly rectify their commercial records to legalize their operations, identify active companies, verify the effectiveness of these establishments, and update the commercial database. These efforts will contribute to reducing hidden trade, as the technical team at the Ministry of Commerce, Industry and Investment Promotion will commence immediate implementation of the decision.
The decision to address clandestine trade has played a significant role in fostering an appealing business environment and establishing favorable conditions for it in the Sultanate of Oman. This has been achieved through the meticulous outlining of procedures required for registering foreign institutions and companies, as well as the specification of necessary requirements, controls, and deadlines for granting approvals, permits, or licenses pertaining to investment projects.
It is worth mentioning that the Ministry of Commerce, Industry, and Investment Promotion, in collaboration with various government agencies, has issued Ministerial Resolution No. (412/2023) with the aim of combating hidden trade in the Sultanate of Oman. This concerted effort seeks to mitigate the adverse economic and social consequences that hidden trade has on business owners and society as a whole. Furthermore, this resolution is a response to the persistent appeals made by citizens over the years to put an end to this phenomenon.
