BUSINESS REPORTER
MUSCAT, MAY 14
In a significant gathering under the auspices of Nasser bin Khamis al Jashmi, Chairman of the Tax Authority, the Omani Tax Forum was held yesterday. Organised in partnership with Ernst & Young, a leading accounting firm, the forum brought together over 300 representatives from major companies operating in the Sultanate of Oman.
Setting the tone for the event, Said bin Ahmed al Shanfari, Director General of the Second Directorate General of Taxes, delivered a message on behalf of the Tax Authority, emphasising the importance of community partnership and knowledge sharing. He highlighted the forum as a platform for exchanging experiences and insights to drive the development of the tax system in Oman, aligning with the needs of taxpayers both locally and internationally.
The forum featured three impactful working papers that delved into critical areas of tax practice. Ahmed al Aisari, Head of Tax Consulting Services in the Middle East Region and North Africa at Ernst & Young, presented the first paper titled “The Most Important Updates to Tax Practice.” This session explored global and regional tax trends, Gulf initiatives, and international commitments. Additionally, Alkesh Joshi, Tax Leader at Ernst & Young, discussed the main challenges facing tax practices in Oman, focusing on the Omani tax environment and assessment procedures.
The second paper, led by Mtiul Patel and Muzoon al Jabriya, discussed “Developments in Indirect Taxes and Electronic Invoicing.” Their presentation covered updates in applying indirect taxes within the Gulf Cooperation Council countries, as well as changes to VAT and excise tax in Oman. Sarah al Harthi shed light on the evolving landscape of e-invoicing systems, emphasizing the importance of adapting to global and regional developments.
The final paper of the forum, “Transfer Pricing and BEPS 2.0 Rules,” was presented by Guy Taylor and Qasim Talajwala from Ernst & Young. They shared insights on transfer pricing developments in the Middle East Region and North Africa, along with strategies to address tax base erosion and profit shifting. The discussions encompassed the second pillar of combating BEPS 2.0 and its implications for GCC countries.
Wrapping up the event, participants engaged in productive discussions and proposed ideas to enhance tax practices through the integration of modern systems.
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