National Team for combating hidden trade holds inaugural meeting

The Ministry of Commerce, Industry and Investment Promotion (MOCIIP) held the first meeting of the National Team for Combatting Hidden Trade.

The team comprises representatives from the MOCIIP, Ministry of Labour, Ministry of Information represented by the Government Communication Center, Tax Authority, the Central Bank of Oman, Royal Oman Police, Consumer Protection Authority, and Small and Medium Enterprise Development Authority.

The purpose of the meeting was to review and discuss the mechanisms for implementing the decision to combat hidden trade, as well as to determine the National Team’s responsibilities and agree on the initial phase of implementing Decision No. 412/2023 issued by the MOCIIP.

The National Team for Combatting Hidden Trade is tasked with proposing commercial activities subject to surveillance, facilitating the implementation of provisions of the decision to combat hidden trade within each member’s jurisdiction, holding regular meetings with the technical team for implementing the decision, monitoring and evaluating its work, and receiving reports from the technical team.

The MOCIIP also urges commercial companies to expedite the regularisation of their commercial records, identify active companies, verify the effectiveness of these commercial establishments, and update the commercial database to contribute to reducing hidden trade.

The technical team of the ministry will immediately begin implementing the decision.

The decision to combat hidden trade aims to create an attractive business environment and provide suitable conditions in the Sultanate of Oman by detailing the necessary procedures for registering foreign institutions and companies, as well as specifying the requirements, regulations, and necessary deadlines for issuing approvals, permits, or licenses related to investment projects in accordance with the Foreign Capital Investment Law.

The MOCIIP issued Ministerial Decision No. 412/2023 regarding combating hidden trade in cooperation with several government entities to reduce hidden trade in the Sultanate of Oman and its economic and social impacts on business owners and society. This decision comes in response to continuous appeals from citizens over the past years to stop this phenomenon.