Tax Forum Reviews Tax Developments, Challenges and Modern Systems

Muscat, 14 May (ONA) --- The Oman Tax Forum, organized by the Tax Authority in cooperation with Ernst & Young company, was launched in Muscat today under the patronage of Nasser Khamis Al Jashmi, Chairman of the Tax Authority.

As many as 300 persons representing major companies operating in the Sultanate of Oman attended the forum.

The forum opened with a speech delivered by Said Ahmed Al Shanfari, Director General of the Second Directorate General of Taxes on behalf of the Tax Authority. He affirmed that the Tax Authority always seeks to strengthen ties and community partnership. Therefore, he emphasized that this forum is one of these partnerships which aim to exchange experiences and opinions in order to enhance the development of the tax system in the Sultanate of Oman and meet the desires of taxpayers through their experiences in the tax field internally and externally.

Then, the vision and mission of the Tax Authority were inaugurated.

Three working papers were reviewed during the forum: the first paper was presented under the title “The Most Important Updates to Tax Practice,” during which the global and regional tax trends and developments, Gulf initiatives and international commitments were reviewed.

The first paper also discussed “Main Challenges Regarding Tax Practices in the Sultanate of Oman”, which included several topics, most notably the Omani tax environment and tax assessment procedures.

The second paper was presented under the title “Developments in Indirect Taxes and Electronic Invoicing.” This paper reviewed the most prominent updates in the field of applying indirect taxes in the GCC states, and updates to VAT and excise tax in the Sultanate of Oman, in addition to reviewing the tax departments in taxable institutions and how taxes are managed.

The second paper discussed the rapidly changing in e-invoicing tax landscape, and global and regional electronic invoicing systems.

The third paper was presented under the title “Transfer Pricing and BEPS 2.0 Rules,” and discussed transfer pricing developments across Middle East Region and North Africa, as well as transfer pricing developments in the Sultanate of Oman, in addition to a review of combating tax base erosion and profit shifting (BEPS 2.0) as the second pillar, and the developments of second pillar for GCC countries.

The forum was concluded with an exchange of views and proposals to develop the tax work by taking advantage of modern systems to implement them in the next stage.

--- Ends/Khalid