Businesses in Oman navigate significant changes in region’s evolving tax landscape

Businesses in Oman navigate significant changes in region’s evolving tax landscape

Muscat: EY Oman hosted its Annual Tax Seminar 2024 in Muscat helping businesses navigate the evolving tax landscape in the country and the Mena region. The tax and regulatory landscape in Oman and the wider Mena region continues to evolve alongside global fiscal developments.

The seminar had the participation of around 180 C-suite executives and finance professionals from Oman-based companies as well as representatives of several multi-national corporations. EY regional tax leaders discussed how the future of tax is being reshaped and the growing significance of tax in the Mena region.

Areas of discussion included the Oman Tax developments, base erosion and profit shifting (BEPS) and what is expected from business to comply with transfer pricing and BEPS 2.0 rules. Environment, Social and Governance (ESG) and Sustainability tax development conversations leveraged the knowledge and practical experience of EY’s senior tax professionals to offer comprehensive insights. Updates on indirect taxes, e-invoicing and the ongoing digitalisation of tax compliance by the Oman Tax Authority with a focus on the e-filing of returns on its portal.

In addition, the sessions explored the state of the country’s economy and the opportunities it presents to companies and investors, as well as international tax reforms and their impact on