OABC hosts workshop on Oman's legal and tax landscape
Published: 02:02 PM,Feb 13,2022 | EDITED : 06:02 PM,Feb 13,2022
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BUSINESS REPORTER
In collaboration with ALC Lawyers and Counsels (ALC) and PwC Middle East, the Oman American Business Center (OABC) hosted a session on “Oman’s Tax and Legal Landscape” at the Sheraton Oman Hotel recently.
The session included a brief time of business networking over breakfast, followed by legal and tax presentations covering a variety of key topics, and ended with plenty of time for Q & A.
Speaker Abdulredha al Lawati, Founder of ALC, discussed the current laws related to court processes and commercial practice. His presentation was followed by PwC Middle East’s Ghalia al Sharji, Tax Senior Manager, who covered Oman’s 2022 State Budget. Finally, Darcy White, Tax & Legal Services Partner discussed e-invoicing, personal income tax, regional trends, and the future of Oman’s tax legislation.
Events like this one are part of OABC’s overall mission to facilitate trade and investment between Oman and the USA, and to support ease of doing business in Oman'', says Ali Daud, Founder and Chairman Emeritus of OABC. “Oman is moving towards its Vision 2040 and more changes affecting the private sector will certainly come. We are proud to partner with firms like ALC and PwC Middle East and host sessions that keep our members informed about key developments across all sectors.”
'The past few years have seen a big shift in the global tax landscape in terms of how countries are expected to tax, record, and report on resident entities and individuals,” says Darcy White, Tax Partner at PwC Middle East. “Global influence on local tax policy is greater than ever before, fueled particularly by the OECD's Inclusive Framework on BEPS, which Oman is a member of. The BEPS Project brings with it significant compliance requirements to meet multilateral cooperation objections. This coupled with the increased focus on taxation in Oman's Vision 2040 and the 2022 Budget means that taxable entities will need to ensure they are 'tax ready' for the future. This doesn't just mean ensuring they are aware of compliance matters, as with the introduction of new taxes and compliance requirements, for example, e-invoicing. Being tax ready also means ensuring entities have the right policies and systems in place to meet the Government's reporting obligations.”
In collaboration with ALC Lawyers and Counsels (ALC) and PwC Middle East, the Oman American Business Center (OABC) hosted a session on “Oman’s Tax and Legal Landscape” at the Sheraton Oman Hotel recently.
The session included a brief time of business networking over breakfast, followed by legal and tax presentations covering a variety of key topics, and ended with plenty of time for Q & A.
Speaker Abdulredha al Lawati, Founder of ALC, discussed the current laws related to court processes and commercial practice. His presentation was followed by PwC Middle East’s Ghalia al Sharji, Tax Senior Manager, who covered Oman’s 2022 State Budget. Finally, Darcy White, Tax & Legal Services Partner discussed e-invoicing, personal income tax, regional trends, and the future of Oman’s tax legislation.
Events like this one are part of OABC’s overall mission to facilitate trade and investment between Oman and the USA, and to support ease of doing business in Oman'', says Ali Daud, Founder and Chairman Emeritus of OABC. “Oman is moving towards its Vision 2040 and more changes affecting the private sector will certainly come. We are proud to partner with firms like ALC and PwC Middle East and host sessions that keep our members informed about key developments across all sectors.”
'The past few years have seen a big shift in the global tax landscape in terms of how countries are expected to tax, record, and report on resident entities and individuals,” says Darcy White, Tax Partner at PwC Middle East. “Global influence on local tax policy is greater than ever before, fueled particularly by the OECD's Inclusive Framework on BEPS, which Oman is a member of. The BEPS Project brings with it significant compliance requirements to meet multilateral cooperation objections. This coupled with the increased focus on taxation in Oman's Vision 2040 and the 2022 Budget means that taxable entities will need to ensure they are 'tax ready' for the future. This doesn't just mean ensuring they are aware of compliance matters, as with the introduction of new taxes and compliance requirements, for example, e-invoicing. Being tax ready also means ensuring entities have the right policies and systems in place to meet the Government's reporting obligations.”