OECD rates Oman ‘largely compliant’ on tax transparency
Published: 04:07 PM,Jul 20,2025 | EDITED : 08:07 PM,Jul 20,2025
This is Oman’s first full peer review since joining the Global Forum in 2018. Image for illustration only.
MUSCAT: The Sultanate of Oman has received a strong endorsement from the Organisation for Economic Co-operation and Development's (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes, earning an overall rating of Largely Compliant in its 2025 Second Round Peer Review. The result highlights Oman’s firm commitment to international tax transparency standards and reflects the substantial reforms the country has implemented in recent years.
This is Oman’s first full peer review since joining the Global Forum in 2018. The assessment, covering the period from January 2021 to December 2023, evaluated both Oman’s legal and regulatory framework and its practical implementation of the international standard for Exchange of Information on Request (EOIR).
The review confirms Oman’s strong performance in the majority of assessed areas. Out of 11 core elements, Oman was rated Compliant in nine, including key areas such as banking information availability, access to information, confidentiality, and functioning exchange mechanisms. These results underline the robustness of Oman’s legal framework and the effectiveness of its administrative practices.
The report notes that Oman has developed a comprehensive banking supervisory system, with banks required to maintain client records for ten years and clear rules on identifying beneficial ownership. The Oman Tax Authority (OTA) also has wide-ranging powers to access relevant data and has strengthened cooperation with other government entities through memoranda of understanding.
Operationally, Oman has made significant strides. The OTA has established a dedicated EOIR unit and developed manuals and guidance to support tax officials. All EOIR requests received in 2022 and 2023 were answered within the 90-day international benchmark—an improvement from 2021, which was affected by post-pandemic adjustments and internal restructuring.
Two elements—availability of ownership and identity information (A.1) and accounting information (A.2)—were assessed as Largely Compliant, reflecting transitional areas where Oman is already implementing reforms. Legal provisions related to beneficial ownership have recently been enhanced through the introduction of the Beneficial Ownership Regulation in 2023, which requires most companies to maintain ownership registers and provide this information upon request.
The Ministry of Commerce, Industry and Investment Promotion is actively building a central beneficial ownership register, a key move toward ensuring easier access to accurate and timely information. While some areas for improvement remain—such as formalising obligations for regular updates and enhancing supervision—Oman’s efforts are already well underway and are expected to strengthen compliance further.
The report also highlights the OTA’s initiatives to improve the availability of accounting records, especially for entities with limited activity. While work is ongoing to address tax return filing rates and inactive company oversight, these are recognised as part of a broader, forward-looking reform agenda.
Oman’s participation in the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, along with eight bilateral tax agreements, further reinforces its commitment to international cooperation. The country's legal provisions on confidentiality and professional secrecy are also aligned with the global standard.
Looking ahead, Oman will provide its first self-assessment report under the Global Forum’s enhanced monitoring programme in 2026, followed by biennial updates. This mechanism is designed to support continuous improvement and ensure member countries stay aligned with evolving international standards.
Oman’s largely compliant rating places it in good standing among peer jurisdictions and signals growing confidence in the country’s financial and tax governance systems. With its ongoing reforms, Oman is well positioned to achieve full compliance in future assessments.
This is Oman’s first full peer review since joining the Global Forum in 2018. The assessment, covering the period from January 2021 to December 2023, evaluated both Oman’s legal and regulatory framework and its practical implementation of the international standard for Exchange of Information on Request (EOIR).
The review confirms Oman’s strong performance in the majority of assessed areas. Out of 11 core elements, Oman was rated Compliant in nine, including key areas such as banking information availability, access to information, confidentiality, and functioning exchange mechanisms. These results underline the robustness of Oman’s legal framework and the effectiveness of its administrative practices.
The report notes that Oman has developed a comprehensive banking supervisory system, with banks required to maintain client records for ten years and clear rules on identifying beneficial ownership. The Oman Tax Authority (OTA) also has wide-ranging powers to access relevant data and has strengthened cooperation with other government entities through memoranda of understanding.
Operationally, Oman has made significant strides. The OTA has established a dedicated EOIR unit and developed manuals and guidance to support tax officials. All EOIR requests received in 2022 and 2023 were answered within the 90-day international benchmark—an improvement from 2021, which was affected by post-pandemic adjustments and internal restructuring.
Two elements—availability of ownership and identity information (A.1) and accounting information (A.2)—were assessed as Largely Compliant, reflecting transitional areas where Oman is already implementing reforms. Legal provisions related to beneficial ownership have recently been enhanced through the introduction of the Beneficial Ownership Regulation in 2023, which requires most companies to maintain ownership registers and provide this information upon request.
The Ministry of Commerce, Industry and Investment Promotion is actively building a central beneficial ownership register, a key move toward ensuring easier access to accurate and timely information. While some areas for improvement remain—such as formalising obligations for regular updates and enhancing supervision—Oman’s efforts are already well underway and are expected to strengthen compliance further.
The report also highlights the OTA’s initiatives to improve the availability of accounting records, especially for entities with limited activity. While work is ongoing to address tax return filing rates and inactive company oversight, these are recognised as part of a broader, forward-looking reform agenda.
Oman’s participation in the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, along with eight bilateral tax agreements, further reinforces its commitment to international cooperation. The country's legal provisions on confidentiality and professional secrecy are also aligned with the global standard.
Looking ahead, Oman will provide its first self-assessment report under the Global Forum’s enhanced monitoring programme in 2026, followed by biennial updates. This mechanism is designed to support continuous improvement and ensure member countries stay aligned with evolving international standards.
Oman’s largely compliant rating places it in good standing among peer jurisdictions and signals growing confidence in the country’s financial and tax governance systems. With its ongoing reforms, Oman is well positioned to achieve full compliance in future assessments.