There have been significant corporate tax developments in Oman during the past year.
Oman recently introduced Country-by-Country Reporting (CbCR) requirements applicable for reporting years beginning on or after 1 January 2020.
Oman became the 91st Country to sign the OECD's Multilateral Convention to implement Tax Treaty related measures to prevent BEPS (MLI). Oman is yet to ratify the MLI.
The Central Bank of Oman implemented the Common Reporting Standards (CRS) regime in Oman, setting out rules for automatic exchange of information through CRS.
As part of reform initiatives of the Government, in October 2019, a new autonomous Tax Authority was established, marking a significant step towards evolving the tax function in the Country.
VAT will be implemented in Oman from 16 April 2021.
See the Tax administration section for a description of tax measures announced in response to COVID-19.