On 20 October 2017, the Sultanate of Oman has become the 103rd jurisdiction to join the inclusive framework on Base Erosion and Profit Shifting (BEPS). Members of the inclusive framework have the opportunity to work together with other OECD and G20 countries on implementing the BEPS package consistently and on developing further standards to address BEPS issues.
Oman has committed to implement the 4 minimum standards of the BEPS package relating to Actions 5, 6, 13, and 14 by joining the BEPS Inclusive Framework and has become a BEPS Associate. The anticipated key impact on Oman relate to the following:
- Countering harmful tax practices,
- Preventing treaty abuse by implementing Action 6,
- Transfer pricing documentation and CbCR,
- Enhancing dispute resolution.
As a new member of BEPS project, Oman will work with other participating countries to facilitate the consistent execution of measures under the BEPS Project.
