Businesses in Oman prepare for global, regional and local tax developments

Businesses in Oman prepare for global, regional and local tax developments

Muscat, Oman – This week EY held Reshaping the Future of Tax 2023 – Oman seminar to address key tax topics relevant to businesses operating in the country. The event provided the latest updates on the local, regional, and global tax environment, tax policies, recent tax trends across the MENA region with a focus on the GCC, as well as sustainability.

Ahmed Al-Esry, EY MENA Tax Leader, says:

“The tax landscape in the MENA region is constantly evolving as tax increasingly becomes an important source of revenue for governments as they seek to diversify their sources of income and as an important policy tool to drive changes in the economy. This makes it critical for all businesses in Oman to be up to date with their operating models and regularly review how the function is complementing their finance procedures – including the use of technology to streamline processes – to ensure they are thoroughly prepared ahead of any government announcements and can maintain compliance.”

At the seminar, EY global and regional tax leaders discussed how the future of tax is being reshaped and the growing significance of tax in Oman. The recently announced 2023 National Oman Fiscal Budget mentioned 11% of the GDP