Muscat: A new online system known as, “Beneficiary Code System” has been implemented centrally and all contractors are required to issue invoices and receive payments for all government and Ministry contracts via this system, as confirmed by the Ministry of Finance.

In details published yesterday, the Ministry described the Beneficiary Code System (BCS) as an online service that “enables all government contractors such as individuals, enterprises, and companies to obtain a reference number through which their payments due for providing services or works to the government units shall be transferred.”

The security offered by this system is inherent that will provide each registered vendor a unique reference number (renewable every two years). Thus, follow up for pending payments can be done in a hassle – free environment.

A part of the www.mof.gov.om website’s ecosystem, the BCS specifies different registration processes for corporate entities with Commercial Registration (CR) numbers, on the one hand, and small-time individual private contractors, on the other.