Latest news with #SaidbinMohammedAlSaqri
Gulf Insider
3 days ago
- Business
- Gulf Insider
Oman To Impose Fines Up To RO 20,000, Jail Time For Income Tax Defaulters
As Oman prepares to implement the Gulf's first personal income tax in January 2028, authorities have outlined strict enforcement measures, including fines reaching up to RO 20,000 and prison terms for violators. The law, which applies to individuals earning over RO 42,000 annually, the top 1 per cent of earners in the country, features a two-tiered penalty system for non-compliance, designed to ensure transparency and deter tax evasion. Under Article 65, individuals who fail to file their tax returns, disregard official notices from tax authorities, or delay payment without valid justification face administrative fines ranging from RO 1,000 to RO 5,000. For more serious infractions, Article 66 provides for criminal penalties. Those found guilty of submitting false declarations, concealing income, or falsifying tax records could face prison sentences ranging from one to three years and fines between RO 10,000 and RO 20,000. The legislation, announced in June 2025, represents a critical component of Oman's fiscal reform agenda and its Vision 2040 plan, aimed at reducing reliance on oil revenues and strengthening state finances. Minister of Economy Said bin Mohammed Al Saqri has previously emphasised the country's vulnerability to global oil price volatility, noting that oil and gas still account for up to 85 per cent of public income. Tax experts say the inclusion of criminal penalties for non-filers signals the government's intent to implement the new system with a high degree of seriousness and compliance oversight. The law gives Omani tax authorities broad powers to investigate discrepancies and enforce penalties, setting a precedent in a region historically known for tax-free personal income policies.
Observer
20-02-2025
- Business
- Observer
Gulf Tkatuf exhibition sees participation from Gulf Countries
The third edition of the Gulf Tkatuf Exhibition in collaboration with strategic partner SMEs Development Authority began on Thursday morning with the inaugural ceremony held under the patronage of Dr Said bin Mohammed Al Saqri, Minister of Economy at Fraser Suites, Muscat, in the presence of Ambassador Dr Jumaa bin Ahmed al Kaabi, Ambassador of the Kingdom of Bahrain, and the Head of Economic Relations at the Embassy of the United Arab Emirates, Masoud Al-Mazrouei, along with representatives from participating Gulf countries and sponsors. Speaking to the Observer, the minister said, exhibitions such as these are important to promote SMEs. 'These kinds of exhibitions are important to promote products and services of small and medium enterprises and Tkatuf has been successfully doing so for three years now, and even before that they have been supporting SMEs. SMEs play a significant role in all economies. In some economies, the SMEs contribute 90% of the GDP. They are the most important contributors to job creation in certain economies. So it is critical to support them,' said the minister of economy. The three-day exhibition is organised by l Links for social Initiatives, specialized in event management, under the personal supervision of Her Highness Sayyida Hujaija Jaifer Al Said. The aim of the exhibition is to support small and medium enterprises in promoting their products and services, as well as providing an opportunity for exchanging experiences and skills in various fields, creating business opportunities among participants, and finding common collaboration methods to expand and develop their projects. "We strive in every exhibition and event to establish a continuous relationship between us and the exhibitors and participants by providing support and assistance services. We aim to provide community service in every endeavor,' she said. The exhibition features 200 Omani projects with accredited trademarks from within the Sultanate of Oman, as well as projects from various Gulf countries, reflecting their belief in the purchasing power of the local market and their engagement with Omani youth on developmental ideas in the field of entrepreneurship. According to the organizers, 'One of the main goals of this exhibition is to establish partnerships and collaboration pathways with institutions that have related orientations or fields to achieve impact and drive change for the participating projects.' 'This initiative is in line with the keen interest of His Majesty Sultan Haitham bin Tariq in supporting small and medium enterprises, which are considered the primary and essential drivers of the national economy,' Sayyida Hujaija noted. 'What's new in this exhibition is that we have provided the opportunity for a number of students, in coordination with Oman Tourism College, to train and qualify students in the field of event management and coordination operations," she explained.
