Oman introduces tax exemptions for sectors of economic diversification

September 17, 2022

On 8 September 2022, the Oman Tax Authority (OTA) announced some conditions and procedures for obtaining income tax exemption for companies operating in sectors contributing to economic diversification. The exemption is offered only to companies

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OECD: Peer Review Report on Dispute Resolution Mechanisms in Oman

September 14, 2022

The second stage peer review report on Oman’s implementation of the minimum standard under BEPS Action 14 (making dispute resolution mechanisms more effective) was published by the OECD’s Inclusive Framework on 13 September 2022. The report

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Oman: Implementation of Digital Tagging of Excisable Goods

August 20, 2022

The Oman Tax Authority has announced new timelines for the phased implementation of its Digital Tax Stamps project – an initiative designed to help regulate the import, trade and sale of excisable products, as well as to optimise the collection of

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Oman publishes guidelines to clarify CbC reporting obligations

April 23, 2022

In March, the Tax Authority published guidance clarifying the country-by-country (CbC) reporting requirements of multinational corporations (MNEs) operating in Oman. The guide provides a general overview of the CbC reporting requirements as part of

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Oman further clarifies about suspension of CbC reporting

July 17, 2021

On 7 July 2021, Oman’s tax authority published an announcement suspending the requirement to file a country-by-country (CbC) report until further notice On 14 July 2021, tax authority clarifies that the CbC reporting suspension is applicable

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Oman suspends Local filing requirements

July 16, 2021

On 7 July 2021, the tax authority of Oman published an announcement suspending the country-by-country local filing requirement until further notice. All relevant entities operating in Oman are required to continue to comply with all other

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Oman introduces economic stimulus plan

March 18, 2021

On 9 March 2021, the government of Oman declared an economic stimulus plan in response to the Covid-19 pandemic. The stimulus plan contains several tax incentives as follows: A 5-year income tax exemption for new businesses having main

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Oman extends CbC notification deadline

December 31, 2020

In reference to the Decision No. 79/2020 on Rules for Country-By-Country Reporting that specified designated persons (MNEs), information to be provided, retention periods, and the procedures to be followed in this regard; and after considering that

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Oman: BEPS MLI in force

November 05, 2020

The Multilateral Convention to execute tax agreement related measures to prevent base erosion and profit shifting (MLI) entered into force for Oman on 1 November 2020. As regards the double taxation agreement (DTA) between Oman and the other

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Oman extends relief provisions for late payment and late filing of tax returns

October 18, 2020

The tax authority of Oman declared extensions of certain tax relief measures due to the Covid-19 Outbreak. Previously, in response to the pandemic tax authority has granted relief from the imposition of interest for late payment of tax or late

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Oman introduces CbC Reporting requirements

September 29, 2020

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

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Oman: Sultan amends Income Tax Law

September 25, 2020

On 14 September 2020, Mr. Haitham Bin Tarik, the Sultan of Oman issued Royal Decree No. 118/2020, which amended certain provisions of the Income Tax Law (ITL). The major changes are following: For tax years starting on or after 1 January 2020,

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Oman signs multilateral competent authority agreement on exchange of CbC reports

July 30, 2020

On 16 July 2020, Oman signed the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (CbC MCAA). Oman has not yet implemented Country-by-Country (CbC) reporting requirements, although draft amendments to

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Oman deposits its instrument of ratification for the Multilateral BEPS Convention

July 29, 2020

On 7 July 2020, Oman deposited its instrument of ratification for the multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting (MLI) with the OECD’s Secretary-General, Angel Gurría, thus

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Oman anticipates amending Transfer Pricing and VAT regime

July 29, 2020

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

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Oman declares further tax relief measures

July 16, 2020

On 8 July 2020, the tax authority reportedly announced additional relief measures in response to the Covid-19 pandemic. The announcement contains a suspension of the additional tax due on late payments for the 2019 financial year until 30 September

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Oman introduces tax card system from 1 July 2020

June 15, 2020

On 18 May 2020, the tax authority of Oman issued Decision No. 27/2020 declaring that the tax card system will apply from 1 July 2020. The tax card system provides a specific tax identification number. The taxpayers will be required to pay an

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Oman ratifies multilateral instrument

April 09, 2020

On 31 March 2020, the Sultan of Oman issued the royal decree for the ratification of the multilateral convention for the implementation of the double taxation agreement (DTA) related measures to prevent base erosion and profit shifting (MLI). Now

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