20% of CSR budget to be allocated for Oman Charitable Association: MOCIIP

Muscat: The Ministry of Commerce, Industry and Investment Promotion (MOCIIP) issued a decision to deduct 20 percent of the budget of institutions and companies allocated to social responsibility programs for the benefit of the Oman Charitable Organization (OCO).

The decision is aimed at helping the organization in providing charitable works to deserving social groups

His Excellency “Qais bin Muhammad al Yousef, Minister of Commerce, Industry and Investment Promotion, issued the decision No. (205/2021) to deduct a percentage of the budgets of institutions or company’s allocated to social responsibility programs for the benefit of the Oman Charitable Association’s Activities.” MOCIIP said in its statement.

The first article of the decision stipulated the following:

Institutions and companies must deduct no less than (20%) twenty percent of their budget allocated to social responsibility programs for the benefit of the Omani Authority for Charitable Association.

It is worth noting that the decision was based on the Commercial Companies Law issued by Royal Decree No. 18/2019.

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