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Observer
20-07-2025
- Business
- Observer
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.
Skift
27-06-2025
- Business
- Skift
Inside the Skift IDEA Awards Winners Package 2025: Recognition, Access, Visibility
With just three days until the final submission deadline, let's take a look at the incredible 2025 Skift IDEA Awards winner package. Whether you've already submitted or are still deciding, here's what you stand to gain. The final deadline for the 2025 Skift IDEA Awards is Monday, June 30, at 11:59 p.m. ET. Each year, Skift IDEA Awards celebrate design, innovation, and impact across the global travel industry. From brand campaigns to destination storytelling, sustainability initiatives to excellence in meetings & events, the program highlights standout work that's shaping what comes next. Winners receive a prize package valued at over $10,000, designed to deliver real visibility, access, and long-term recognition across the travel sector. What 2025 Skift IDEA Awards Winners Receive Full Access to Skift Global Forum ($3,495 value) Winners receive a complimentary ticket to the travel industry's most influential event this September in New York City. 25% Off Additional Passes Invite collaborators or colleagues at a reduced rate. Onstage Recognition Join Skift CEO Rafat Ali onstage for a winner spotlight and group photo during the Forum. A Skift IDEA Awards Trophy A physical award to mark the achievement, introduced last year and returning bigger and better for 2025. Access to the Most Powerful Room in Global Travel Skift Global Forum is where travel's top minds gather to define what's next, and winners will gain access to unparalleled networking opportunities. Editorial Coverage on Winners are featured across Skift's channels, reaching a global audience of decision-makers and travel professionals. Brand Presence at Skift Global Forum Get exposure on-site through branded digital displays and signage. Custom Digital Winner Kit Includes branded assets for press, social media, and internal communications. Visibility with Skift Editors and VIP Judges Put your work in front of influential voices shaping the future of travel. View the 2025 judging panel here. $395 Credit Toward Skift Premium Products Apply credit toward industry research and reporting. Industry-Wide Recognition Join a cohort of brands, agencies, and creators driving meaningful change. What the Judges Are Saying 'I'm excited to take part in the Skift IDEA Awards and get a first look at the innovations shaping the future of travel... I'm looking for ideas that not only challenge the norms but also offer practical, helpful solutions that enhance the traveller's experience.' — Hannah Bennett, Head of Travel, TikTok 'Travel has the power to truly be a force for good... I'm excited to see how this year's entries are pushing the boundaries and showing what's possible when travel is reimagined through the lens of sustainability, innovation, and community.' — Aditi Mohapatra, Vice President, Global Social Impact & Sustainability, Expedia Group 'With AI dominating the conversation the last years... I'm looking for work that feels distinctive, intentional, and built to last.' — Katalina Mayorga, CEO, El Camino Travel See how past winners landed a Skift IDEA Award and what made their work stand out. Not Sure Where to Start? Explore the right category for your work with our Category Finder Quiz. The submission form doesn't need to take all day - you can put together a thoughtful, clear, and compelling entry in under 90 minutes. Final Deadline to Submit: Monday, June 30, 2025 There are just three days left to submit your entry. With a $10,000+ prize package and global visibility on the line, this is your last opportunity to be part of the travel industry's most forward-thinking award program.
Business of Fashion
13-06-2025
- Business
- Business of Fashion
Dispatch From Napa: Speaking to the Heart and Soul of the Beauty Industry
NEW YORK — This week, The Business of Beauty Global Forum 2025 took place in Napa Valley, California. Our speakers and guests came from 17 countries — as far away as Australia, South Korea, Indonesia, South Africa, India and Sweden — to share their personal journeys, their business insights and their plans for navigating a beauty industry in flux. Across a wide range of topics, expertly curated by executive editor Priya Rao, our Global Forum touched on a variety of subjects that spoke not just to the nuts and bolts of building and sustaining a beauty business, but also to the hearts and souls of everyone who joined us, creating a sense of shared humanity and solidarity amid the Trump Administration's anti-immigrant crackdown taking place not far away in Los Angeles. Lindsay Toczylowski, whose client Andry José Hernández Romero has not been heard from since his deportation to El Salvador in March, forcefully defended the rule of law in a talk at The Business of Beauty Global Forum. (for The Business of Fashion) In a defiant call to action, Lindsay Toczylowski, president and co-founder of the Immigrant Defenders Law Center, shared the story of Andry José Hernández Romero, a 31-year-old Venezuelan makeup artist who was seeking asylum in the US before he was deported to the notorious CECOT prison in El Salvador. Toczylowski explained why the deportation of undocumented immigrants without due process is a direct attack on democracy. 'The moment that we stop talking about Andry, about his story and others like him is the moment that the Trump administration is successful in completing the disappearance of Andry José Hernández Romero,' she said. Over the course of the two days we spent together, we also examined the findings of the second edition of The State of Fashion: Beauty report and gauged the untapped potential of AI on the beauty industry during our Knowledge Breakfasts, participated in breathwork classes and group workout sessions led by our friends Manoj Dias and Joe Holder, and exchanged ideas and personal stories over intimate meals under the midnight sky. (L-R) Imran Amed, Founder & CEO, The Business of Fashion and Tracee Ellis Ross, Owner/Founder/Co-CEO, Pattern Beauty speak onstage at "Inside the Industry" during The Business of Beauty Global Forum 2025 presented by The Business of Fashion at Stanly Ranch on June 10, 2025 in Napa, California. (Getty Images for The Business of Fashion) Our two headliners Hailey Bieber and Tracee Ellis Ross may have been what helped draw the crowds and media attention, but not only did Hailey and Tracee demonstrate the same kind of passion, dedication and obsession of all true founders, they also helped bring deserved awareness and appreciation to scores of other executives, founders and creatives who are making their mark in beauty. This was especially true for our finalists for The Business of Beauty Global Awards 2025 , supported by L'Oréal Groupe and Sephora. Now in its second year, the Global Awards expanded to recognise six founders across three categories: Creative Execution, Business Innovation and Positive Impact in two tracks: emerging businesses with less than $2 million in annual revenues and breakthrough businesses with up to $10 million in revenue. In the end, our gongs went to Akt London, Commune, Manasi 7, Ruka, Unifrom and Yse Beauty. We look forward to sharing in-depth profiles of these budding entrepreneurs and their businesses next week on The Business of Beauty. Priya Rao and Hailey Bieber speak during at the "Connection in the Age of Disruption" discussion during The Business of Beauty Global Forum 2025 presented by The Business of Fashion at Stanly Ranch on June 10, 2025 in Napa, California. (Getty Images for The Business of Fashion) And this week on The BoF Podcast, I'm pleased to share Priya's conversation with Hailey Bieber, her first live conversation since selling her business to E.l.f. in a $1 billion deal last month. There's no doubt this is just the beginning for The Business of Beauty. I could not be more proud of our entire team. In three short years, they have made this the most meaningful and sought-after event in the global beauty industry. We're already thinking about how to make next year's Global Forum even better. Have a great weekend, Imran Amed, Founder and Editor in Chief Below are my top picks from our analysis on fashion, luxury and beauty this week: 1. Garment Workers Are at Risk. Fashion Can't Afford to Look Away. The Trump administration is rapidly stepping up immigration raids in US cities, touching off protests and legal challenges. Even if brands aren't willing to weigh in publicly, they need a plan to support their workforce. (Getty Images) 2. The State of Fashion: Beauty Report — Solving the Growth Puzzle. Beauty's era of effortless growth is giving way to a more complex landscape. Download the second volume of BoF and McKinsey & Company's industry report to learn how to navigate evolving consumer expectations, market deceleration and regional volatility in the years ahead. 3. How to Acquire Customers with Instagram Ads in 2025. As paid marketing on Meta gets cheaper and easier to target customers, brands are getting more strategic about the content that attracts consumers at different points in their shopping journey. (BoF Collage) 4. Why Chanel Is Getting Into the Recycling Business. The French luxury giant is launching a new circularity focused venture with investments in waste management and recycling companies, much as it has bought up top-end ateliers in a decades-long push to future-proof its supply chain. (Chanel) 5. Why Lace and Crochet Are Everywhere Right Now. Brands from Magda Butrym to Chloé are appealing to shoppers with delicate handwork that's nostalgic and romantic, providing a contrast to fast fashion and the minimalism of quiet luxury. (BoF Team) This Weekend on The BoF Podcast When Hailey Bieber launched her beauty and skincare brand Rhode in 2022, it quickly built a loyal customer base and achieved rapid commercial success. By early 2025, Rhode had generated $212 million in annual sales and, in May, was acquired by E.l.f. Beauty in a landmark $1 billion deal. 'Rhode is not just about the product; it's the whole entire world of Rhode. I want people to feel something when they get the products. When they use it, I want them to feel that they are a part of something,' Bieber shared this week at The Business of Beauty Global Forum 2025 in Napa Valley, California. 'I really do see us being a legacy brand. Rhode is going to go down as one of the greats.' In her first public appearance since the acquisition, Hailey spoke with The Business of Beauty's executive editor Priya Rao about launching her brand, how the deal with E.l.f. transpired, and her vision for the future of Rhode. To receive this email in your inbox each Saturday, sign up to The Daily Digest newsletter for agenda-setting intelligence, analysis and advice that you won't find anywhere else.
Arabian Post
06-06-2025
- Business
- Arabian Post
Switzerland Embarks on Crypto Data Sharing with 74 Nations
Switzerland has ratified a plan to commence the automatic exchange of information on cryptoassets with 74 partner countries from January 2026, aligning its financial transparency framework with the OECD's Crypto-Asset Reporting Framework . The inaugural data exchange is slated for 2027, contingent upon mutual agreement and adherence to OECD standards. The Federal Council's decision marks a significant expansion of Switzerland's Automatic Exchange of Information regime, previously limited to traditional financial accounts. Under the new framework, cryptoasset service providers, including exchanges and wallet operators, will be mandated to collect and report detailed information on their clients' holdings and transactions. This data will be transmitted to the Swiss Federal Tax Administration and subsequently shared with participating jurisdictions. The CARF, developed by the OECD in collaboration with G20 nations, aims to enhance tax compliance and combat illicit financial activities in the rapidly evolving digital asset sector. It requires Crypto-Asset Service Providers to implement stringent due diligence procedures, including the identification of users' tax residencies and the verification of taxpayer identification numbers. The framework encompasses a broad spectrum of digital assets, including cryptocurrencies, stablecoins, and non-fungible tokens , while explicitly excluding central bank digital currencies . ADVERTISEMENT Switzerland's adoption of the CARF necessitates amendments to existing federal laws and ordinances governing the AEOI. The Federal Council initiated a consultation process in May 2024 to solicit feedback on the proposed legislative changes. A subsequent consultation in August 2024 focused on determining the partner states for the cryptoasset information exchange, with stakeholders given until November 15, 2024, to submit their comments. The selection of partner countries is predicated on their commitment to the CARF and their ability to ensure data confidentiality and security. The Global Forum on Transparency and Exchange of Information for Tax Purposes assesses the data protection measures of potential partner jurisdictions. Only those that meet the requisite standards will be eligible to participate in the information exchange. Notably, the United States and Saudi Arabia are currently excluded from the agreement. The implementation of the CARF in Switzerland introduces enhanced compliance measures, including criminal penalties for negligent violations of due diligence and reporting obligations. These provisions underscore the Swiss government's commitment to upholding international tax transparency standards and maintaining the integrity of its financial system. The integration of cryptoassets into the AEOI framework represents a paradigm shift in global tax reporting practices. By extending the scope of information exchange to encompass digital assets, Switzerland aims to mitigate the risks associated with tax evasion and money laundering in the crypto sector. The move also reinforces Switzerland's reputation as a cooperative and transparent financial hub. Swiss cryptoasset service providers are now tasked with adapting their operations to comply with the forthcoming regulations. This entails the implementation of robust client identification procedures, the establishment of secure data reporting mechanisms, and the alignment of internal compliance protocols with the CARF requirements. The transition period leading up to the 2026 implementation date is critical for ensuring a seamless integration of these new obligations.
News18
01-06-2025
- Politics
- News18
'Desist From Blaming Us': India Snubs Pakistan At UN Meet Over Shehbaz Sharif's IWT Remark
Last Updated: India ripped Pakistan at a UN meeting, stating that the neighbours violated the Indus Waters Treaty through terrorism and should not blame India for putting it in abeyance. A day after Pakistan Prime Minister Shehbaz Sharif raked up the Indus Waters Treaty at a UN meet, New Delhi on Saturday ripped Islamabad over 'unwarranted references" to the treaty, stating that the neighbour itself violated it through terrorism. India further underlined that Pakistan should stop blaming it for the 'breach" of the 1960 treaty, as terrorism emanating from the other side of the border interfered with the treaty's implementation. India had put in abeyance the Indus Waters Treaty on April 23, a huge non-military step taken a day after the Pahalgam terror attack that killed 26 civilians on religious lines. India Rips Pakistan At UN Meet Minister of State for Environment Kirti Vardhan Singh's remarks came while addressing a plenary session of the first UN conference on glaciers in Tajikistan's Dushanbe on Saturday. Shehbaz Sharif had raked up the Indus Waters Treaty a day ago on this platform, which was snubbed by India during its address. 'We are appalled at the attempt by Pakistan to misuse the forum and to bring in unwarranted references to issues which do not fall within the purview of the forum. We strongly condemned such an attempt," Singh said. The Minister pointed to an 'undeniable fact" that there have been fundamental changes in circumstances since the treaty was signed in 1960, and it requires a reassessment of the treaty's obligations. 'These changes include technological advancements, demographic changes, climate change, and the ongoing threat of cross-border terrorism," he said. Singh also referred to the treaty's preamble and said that it was concluded in the spirit of goodwill and friendship and that honouring the treaty in good faith is essential. 'However, the unrelenting cross-border terrorism from Pakistan interferes with the ability to exploit the treaty as per its provisions. Pakistan, which itself is in violation of the treaty, should desist from putting the blame of the breach of the treaty on India," he said. Shehbaz Sharif Raked Up Indus Waters Treaty At Global Forum Addressing the International Conference on Glaciers' Preservation on Friday, the Pakistani Prime Minister said that his nation would not allow India to cross the red line by holding the treaty in abeyance, which he alleged, endangered millions of lives 'for narrow political gains". 'India's unilateral and illegal decision to hold in abeyance the Indus Waters Treaty, which governs the sharing of the Indus Basin's water, is deeply regrettable," Pakistani newspaper Dawn quoted Sharif as saying. Pakistan has earlier described India's suspension of the treaty as an 'Act of War", with several of its politicians, including sitting and former ministers, issuing brazen threats to India on the matter. The Indus Waters Treaty was signed between India and Pakistan in 1960 with the World Bank as a guarantor. The agreement regulates the sharing of the waters of the Indus River system between the two neighbours. (With PTI inputs) First Published: June 01, 2025, 09:42 IST
