It is being announced that the Council of Ministers of Oman has referred two draft laws to the Shura Council related to VAT regime and amendments to the income tax law that would implement country-by-country (CbC) reporting.
Oman is intended to amend the income tax law to implement measures as part of Oman’s commitment regarding the four minimum base erosion and profit shifting (BEPS) standards of the OECD.
It is expected that this process will be completed over the coming months and the VAT regime to be implemented in early 2021.