MUSCAT: Global professional services firm EY organised a seminar to provide its clients with recent updates to the Sultanate of Oman’s tax landscape. Several international tax regulations that affect the country, regional and local tax matters were highlighted.
Broadly the seminar covered the following: Economic and legal developments in the Sultanate of Oman; Base erosion and profit shifting 2.0, and the role of digital and automation in tax; Updates on administrative and direct tax matters; Compliance obligations for Automatic Exchange of Information under Country-by-Country Reporting (CbCR) and Common Reporting Standard (CRS); Value-Added Tax (VAT) implementation in the Sultanate of Oman; and Excise updates.
The seminar was attended by over 200 participants including CFOs, Senior Finance Executives from various industries and sectors across the country.
Ahmed al Esry, MENA Tax Leader and Market Segment Leader for EY, initiated the session by highlighting that the Sultanate of Oman has recently witnessed several regulatory tax updates, with the introduction of VAT, amendments to the Income Tax Law, and compliance to international tax standards as set out by the Organisation for Economic Co-operation and Development relating to CbCR and CRS.
Alkesh Joshi, MENA Energy Tax Leader and Sultanate of Oman Tax Partner, emphasised the importance of tax technology transformation globally and how taxpayers can benefit in the future years by adopting and investing in technology. The Tax Authority is also gearing up to technological advancements and developing infrastructure for enabling digitisation.
Taxpayers and their responsibilities for above transformation with respect to introduction of VAT, and compliance obligation for international standards were also highlighted during the session.
EY also highlighted the significance of Vision 2040 and Medium-Term Fiscal Plan for the country’s long-term development and fiscal consolidation.
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