Amended IT law simplifies tax system

MUSCAT: The Secretariat-General of Taxation at the Ministry of Finance said that the amendments introduced to the Income Tax Law issued by the Royal Decree No 9/2017 on February 19 aim at addressing the hindrances and challenges facing the application of the existing tax system. Simple procedures for tax declaration, audit, tax assessment and record keeping were also introduced. The amendment also includes imposing a reduced tax rate 3 per cent on establishments meeting the requirements stipulated by the law. The income tax for Omani companies and establishments, as well as branches of foreign companies has gone up from 12 per cent to 15 per cent.