logo
Oman: Tax Forum 2025 discusses digital transformation

Oman: Tax Forum 2025 discusses digital transformation

Zawya07-05-2025
Muscat: The second edition of the Tax Forum 2025, organized by the Tax Authority, discussed comprehensive developments in the tax system, developments in transfer pricing, and the implementation of value-added tax in the Sultanate of Oman.
Nasser bin Khamis al Jashmi, Chairman of the Tax Authority, said the forum provides specialists at the Tax Authority with the opportunity to benefit from the opinions and proposals discussed at the forum, which serve the tax process in the Sultanate of Oman.
Idris bin Hamoud al Rashidi, Director of the Electronic Invoicing Project at the Tax Authority, said the forum discussed several important topics related to the tax field, including electronic invoicing. The Authority seeks to completely transform voting, which will contribute to the level of transparency and tax compliance and support the government's digital transformation efforts in general.
Officials said the authority places great importance on strengthening bridges of trust with taxpayers, which has positively impacted the Authority's position in terms of transparency and efficiency in managing the tax system.
The forum featured the presentation of several working papers on the most significant structural changes within the Tax Authority aimed at enhancing operational efficiency and the ongoing improvements to electronic services provided to facilitate taxpayers' compliance. It also featured new strategic initiatives launched by the Authority, enhancing cooperation with international tax organizations, and sharing expertise and best practices.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Egypt: CMA CGM ZEPHYR transits through Suez Canal following incentives, flexible marketing policies
Egypt: CMA CGM ZEPHYR transits through Suez Canal following incentives, flexible marketing policies

Zawya

time10 hours ago

  • Zawya

Egypt: CMA CGM ZEPHYR transits through Suez Canal following incentives, flexible marketing policies

Arab Finance: T he container ship CMA CGM ZEPHYR has transited through the Suez Canal as part of the southern convoy transiting through the new canal on its voyage from Singapore to the Alexandria Port, according to a press release. This voyage marks the tenth for container ships transiting through the canal following the recent incentives and flexible marketing policies implemented by the Suez Canal Authority (SCA) to attract more ships. Meanwhile, Circular No. (3/2025) grants a discount of 15% to container ships of a net tonnage exceeding 130,000 tons, whether laden or in ballast, for three months as of the date of the circular's implementation. The Malta-flagged CMA CGM ZEPHYR led the southbound traffic. The ship is 366 meters long, 51 meters wide, and has a draft of 53 feet. Its gross tonnage is 164,000 tons, and it carries 11,800 twenty-foot equivalent units (TEUs). Ossama Rabiee, Chairman and Managing Director of the SCA, affirmed that the authority continues to provide its navigational services and adopt mechanisms that maintain the regular flow of traffic through the canal despite tensions in the Red Sea. The authority maintains flexible marketing and pricing policies, in addition to providing new maritime and logistical services to meet the requirements of clients under normal circumstances and in emergencies. Rabiee added that the new measures successfully attracted six CMA CGM transits in addition to four MSC transits through the Suez Canal. In its latest report, the International Monetary Fund (IMF) expected the Suez Canal revenues to drop to $3.6 billion in fiscal year (FY) 2024/2025, compared to $6.6 billion at the end of FY2023/2024. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (

OECD rates Oman ‘largely compliant' on tax transparency
OECD rates Oman ‘largely compliant' on tax transparency

Zawya

time12 hours ago

  • Zawya

OECD rates Oman ‘largely compliant' on tax transparency

MUSCAT: The Sultanate of Oman has received a strong endorsement from the Organisation for Economic Co-operation and Development's (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes, earning an overall rating of Largely Compliant in its 2025 Second Round Peer Review. The result highlights Oman's firm commitment to international tax transparency standards and reflects the substantial reforms the country has implemented in recent years. This is Oman's first full peer review since joining the Global Forum in 2018. The assessment, covering the period from January 2021 to December 2023, evaluated both Oman's legal and regulatory framework and its practical implementation of the international standard for Exchange of Information on Request (EOIR). The review confirms Oman's strong performance in the majority of assessed areas. Out of 11 core elements, Oman was rated Compliant in nine, including key areas such as banking information availability, access to information, confidentiality, and functioning exchange mechanisms. These results underline the robustness of Oman's legal framework and the effectiveness of its administrative practices. The report notes that Oman has developed a comprehensive banking supervisory system, with banks required to maintain client records for ten years and clear rules on identifying beneficial ownership. The Oman Tax Authority (OTA) also has wide-ranging powers to access relevant data and has strengthened cooperation with other government entities through memoranda of understanding. Operationally, Oman has made significant strides. The OTA has established a dedicated EOIR unit and developed manuals and guidance to support tax officials. All EOIR requests received in 2022 and 2023 were answered within the 90-day international benchmark—an improvement from 2021, which was affected by post-pandemic adjustments and internal restructuring. Two elements—availability of ownership and identity information (A.1) and accounting information (A.2)—were assessed as Largely Compliant, reflecting transitional areas where Oman is already implementing reforms. Legal provisions related to beneficial ownership have recently been enhanced through the introduction of the Beneficial Ownership Regulation in 2023, which requires most companies to maintain ownership registers and provide this information upon request. The Ministry of Commerce, Industry and Investment Promotion is actively building a central beneficial ownership register, a key move toward ensuring easier access to accurate and timely information. While some areas for improvement remain—such as formalising obligations for regular updates and enhancing supervision—Oman's efforts are already well underway and are expected to strengthen compliance further. The report also highlights the OTA's initiatives to improve the availability of accounting records, especially for entities with limited activity. While work is ongoing to address tax return filing rates and inactive company oversight, these are recognised as part of a broader, forward-looking reform agenda. Oman's participation in the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, along with eight bilateral tax agreements, further reinforces its commitment to international cooperation. The country's legal provisions on confidentiality and professional secrecy are also aligned with the global standard. Looking ahead, Oman will provide its first self-assessment report under the Global Forum's enhanced monitoring programme in 2026, followed by biennial updates. This mechanism is designed to support continuous improvement and ensure member countries stay aligned with evolving international standards. Oman's largely compliant rating places it in good standing among peer jurisdictions and signals growing confidence in the country's financial and tax governance systems. With its ongoing reforms, Oman is well positioned to achieve full compliance in future assessments.

FTA announces AED 3.2B in tax refunds for UAE homebuilders
FTA announces AED 3.2B in tax refunds for UAE homebuilders

Dubai Eye

time18 hours ago

  • Dubai Eye

FTA announces AED 3.2B in tax refunds for UAE homebuilders

The Federal Tax Authority (FTA) continues to see strong results from its digital VAT refund systems for eligible categories, maintaining high levels of accuracy and operational efficiency throughout 2025. On Sunday the FTA revealed the results of these systems for the first half of the year, including the VAT refund system for new residences for UAE nationals and the VAT refund system for tourists. The FTA announced that, since the launch of the service approximately eight years ago and up until June 2025, the total number of approved applications for VAT refunds related to new residences for UAE nationals reached approximately 38,000, amounting to a total value of AED3.2 billion. This marks a significant increase from the 31,000 approved applications valued at AED2.54 billion by June 2024, reflecting a 22.74% growth in the number of applications and a 25.72% increase in the value of refunds within the past year. They also highlighted that more than 7,000 new applications for VAT refunds for UAE nationals building new residences were approved between June 2024 and June 2025, amounting to AED653.1 million. Furthermore, in the first half of 2025 alone, 3,097 new applications were approved, resulting in refunds totalling AED284.77 million. The FTA highlighted the continued significant expansion of the digital tax refund system for tourists, as the number of retail shops electronically linked to the system saw consistent growth across all emirates. By the end of June 2025, the number of outlets registered with the Authority and connected to the system had increased to 18,410 shops, compared to 17,720 shops by the end of 2024 and approximately 17,080 shops by June 2024. The FTA further noted that 697 outlets connected to the system in the first half of 2025, up from 540 outlets during the same period in 2024, marking an increase of over 29%. This brings the total number of outlets that have joined the digital tax refund system for tourists in the past two years, including the first half of 2025, to 3,390 outlets. With regard to the self-service machines that fully automate the tax refund process for tourists departing the country in approximately two minutes per transaction, which are available at major shopping malls, hotels, and departure points for tourists, the number of these machines reached 96 by the end of June. Khalid Ali Al Bustani, Director General of the FTA, said, 'The indicators reflect the ongoing development and upgrade of our digital systems in line with global best practices, and in alignment with the UAE's digital transformation strategy. The Authority's initiatives in this regard have positively impacted the overall quality and performance of its services, particularly the digital VAT refund systems for eligible categories. 'Notable examples include the tax refund services for new residences for UAE nationals and VAT refund for tourists, which have undergone continuous improvement to streamline and expedite the refund process. 'Among the key initiatives in this area is the 'Maskan' smart application, which enhances the ease and convenience of VAT refunds for UAE nationals, and relies on paperless procedures with 100% fully digitised procedures.' Al Bustani added, 'As part of its efforts to develop digital services, FTA launched last December the world's first e-commerce purchases VAT refund system for tourists during their stay in the UAE, supporting the UAE's leadership in all sectors, including the tourism sector and the e-commerce sector, in continuation of what has been achieved in this field, where more than two years ago the Authority launched the digital VAT refund system for tourists, which is based on 100% paperless procedures and is constantly updated, and provides a digital platform that allows tourists to scan their passports easily, and automatically share their transactions as digital invoices, check their invoices through the shopper portal for a seamless shopping experience, and receive a refundable tax credit for their purchases in a convenient and fully digitalised manner.' He stressed that the Authority would continue to launch and implement various projects and initiatives in the field of digital transformation in the tax sector to keep pace with the government's digital transformation strategy placed for all services based on smooth and proactive digital infrastructure, supporting efforts to reduce bureaucracy and maintain high levels of customer satisfaction.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store