On 27 September 2020, Oman published Ministerial Decision No. 79/2020 in the Official Gazette announcing the introduction of Country-by-Country (CbC) reporting and notification requirements for multinational entity groups (MNE groups) headquartered or operating in Oman.
The rules are effective for financial years commencing on or after 1 January 2020. On 20 October 2017, Oman joined to the OECD’s BEPS Inclusive Framework.
As defined in the TA Decision 79/2020, the CbC reporting requirements are applicable to Multinational Enterprises Groups with a consolidated revenue of not less than OMR 300 million (approximately USD 780 million) during the year immediately preceding the Reporting Fiscal Year.
It is mandatory to submit the Country-by-Country (CbC) report if the tax resident entity in Oman qualifies as a Ultimate Parent Entity (UPE) or Surrogate Parent Entity (SPE), based on the template issued by OECD. The CbC report must be filed within 12 months from the end of the reporting fiscal year. As per the TA Decision 79/2020, the CbC report should be filed electronically.
