20% of CSR budget to be marked for Oman Charitable Association

Muscat: The Ministry of Commerce, Industry, and Investment Promotion (MOCIIP) has 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 Association.

The decision is aimed at helping the organization to provide charitable works to deserving social groups.

“Qais bin Mohammed al Yousuf, Minister of Commerce, Industry and Investment Promotion, issued the decision 205/2021 to deduct a percentage of the institution’s or company’s budget allocated to social responsibility programs for the benefit of Oman Charitable Association’s activities,” the official statement said.

The first article of the decision stipulated the following:

Institutions and companies must deduct no less than 20 percent of their budget allocated to social responsibility programs for the benefit of the Oman Charitable Association.

The decision was based on the Commercial Companies Law issued by Royal Decree 18/2019.