Oman Gets Positive Rating in Tax Transparency

Muscat, 17 Jul (ONA) — The Sultanate of Oman has been
rated as “largely compliant” with international standards in the
field of transparency and exchange of tax information. This positive outlook
reflects the remarkable progress Oman has made in enhancing the transparency of
its tax system.

The assessment made by the jurisdiction party was based on a
comprehensive review of the Sultanate of Oman’s compliance with transparency
requirements and the exchange of tax information upon request, in accordance
with the standards set by the global forum of the Organization for Economic Co-operation and
Development (OECD), as regards transparency and exchange of
information.

The assessment process included a field visit made to the
Sultanate of Oman by a team of international assessors, in
September 2024. The team conferred with experts from the Tax Authority and government departments concerned to assess Oman’s transparency and
draft a report on Oman’s status.

This high ranking reflects Oman’s ongoing commitment to
establish the principles of transparency and governance and enhance
international confidence in the country’s tax system. Oman’s commitment to global
standards also helps combat tax evasion and support joint international efforts
in financial and tax areas.

To consolidate transparency and investment competitiveness, the
Tax Authority continues to adopt the best international practices and apply globally approved
standards, given the fact that unifying international tax practices cuts down
the cost of tax compliance for investors.

— Ends/Bishara/AG