Finance Ministry expresses concern over EU decision

MUSCAT: The Ministry of Finance, represented by the Secretariat General of Taxes, has expressed concern over the outcome of European Union meetings held this week in Brussels, particularly the announcement of the inclusion of some countries in the list of countries that have not yet completed adoption of international tax standards for information and transparency exchange.
The ministry expressed its regret over the decision, in the light of the continuous communication between the Sultanate and the European Union to combat tax evasion and strengthen cooperation between the tax authorities.
The ministry confirms that it is continuing its efforts to meet the criteria stipulated in the agreements and treaties that will enhance cooperation with the tax authorities of other countries, which is still being completed due to the legislative cycle in the Sultanate, in the belief of the importance of this agreement.
The Sultanate has made great strides in this regard, and these steps will be completed in the near future as the EU continues to be informed of the Sultanate’s progress in this regard.
The Sultanate has completed the membership of the international framework of Base Erosion and Profit Shifting (BEPS) in October 2017 and acceded to the Global Forum on Transparency and Exchange of Information for Tax Purposes in October 2018, which is a requirement of the European Union.
The procedures for the adoption of the competent authority’s agreement on the obligation to automatically exchange information and the mutual administrative assistance agreement on tax matters are also being finalised.
As soon as the requirements are met, the ministry looks forward to the effective response of the European Union in removing the Sultanate from that list. The Ministry of Finance affirmed the keenness of the Sultanate to take every step that would enhance its position in the economic, financial and investment aspects, in order to ensure an advanced position for the Sultanate in these areas regionally and internationally. — ONA