Ministry of Finance issues circular regarding state’s final account for fiscal year 2022

Ministry of Finance
Ministry of Finance

Muscat: The Ministry of Finance issued Circular No. 1/2022 on the preparation of the closing account of the State Fiscal Year 2022. The circular requires all units of the State Administrative Apparatus to present their final accounts by 15 March 2023 at the latest.

It calls upon all units to enclose major outcomes and goals achieved when implementing the endorsed budgets during Fiscal Year 2022, as well as revenues and actual spending of funds as compared to the sums endorsed, in line with the terms of collection or expenditure.

The respective fiscal position of ministries and government units has to include a breakup of credits in bank accounts, government treasuries, debit, credit and advance balances, financial stamp trusts and financial rights owed to the government by third parties.

This is in addition to the preparation of statements on non-financial assets for real estate and land plots, assets of government stores, government movables like machinery, equipment and means of transportation, among others.

The units are also required to include copies of reports prepared by their respective internal audit units for the last quarter of Fiscal Year 2022, and copies of the account’s balances at banks under the names of the departments concerned.

The Ministry stressed that public bodies and institutions that 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 not later than 5 February 2023.

The Ministry of Finance also called on all government units to stick to the procedures stipulated in the Financial Law and its executive regulations, as well as the pertinent directives.

It demanded that the units adhere to the specified dates—since any violation of the provisions of this circular is deemed a financial violation or failure to apply the provisions of Article (41) of the Financial Law promulgated under Royal Decree No. 47/98. – ONA

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