Ministry mulls steps to tackle hidden trade

MUSCAT: The Ministry of Commerce, Industry and Investment Promotion has issued recommendations to clamp down on unethical practices such as hidden trade and prevent companies from registering under multiple names.

A team from the ministry tasked with studying these practices had “worked over a period of two months to analyse a number of existing legislative frameworks, laws and procedures related to this, and proposed improvements in line with current requirements.

“This would help make illegal the practices of hidden trade and companies holding multiple commercial registrations,” added MOCI in a statement. “In the spirit of working jointly with the private sector, a number of meetings with businessmen and companies were held, to help identify the challenges they face.

“This would also help them overcome obstacles in a way that ensures government procedures are being followed, while providing quick and fair solutions,” the ministry went on to say.