To: All Licensed Banks operating in the Sultanate of Oman

Subject: Retention of Bank Records and Documents

Some banks operating in the Sultanate contacted the Central Bank, on different occasions, regarding the above subject. The matter has been further discussed in the Bankers Annual Meeting on 12th December, 1994. We would like to draw your kind attention to the fact that this issue has been dealt with and provided for in different legalisations in the Sultanate.

Your particular attention is drawn to the following items and related laws.

1. All registration documents (i.e. Commercial Registration Certificate, specimen signature forms, Chamber of Commerce and Industry Certificate etc) should be kept safely until they have expired and a new document/certificate issued in its place.

2. Accounting records – for the purposes of taxation, there is a requirement to keep all registers and documentation for a period of not less than 10 years following the accounting period to which such registers and documents relate (Article 12(5) of Oman Sultani Decree No. 47/1981 the Income Tax Law – as amended).