OCCI-Crowe Horwath tax seminar tomorrow

Business Reporter –
A high profile seminar on the recent changes to the income tax law of the Sultanate will take place tomorrow, on Thursday, at Oman Chamber of Commerce and Industry auditorium at 9 am. The seminar is being conducted under the patronage of Saud al Shukaily, Secretary-General of Oman Taxation.
The Lead faculty for the tax seminar is M K Sridhar, Tax Advisor (formerly of Oman Taxation) and Ramya Annadurai, Director Tax Advisory at Crowe Horwath Oman. The Seminar will give an excellent opportunity for the business community to clarify their doubts on the implication of the tax laws, said Davis Kallukaran, Managing Partner Crowe Horwath Oman.
Royal Decree 9/2017 has brought about drastic changes to the tax laws of Oman.
The amendments aim to strengthen government revenues by spreading the tax net across the business community from small to medium to large entities. The tax rate now has gone up to 15 per cent from the existing 12 per cent. However all the small and medium entities will be taxed at 3 per cent only subject to certain conditions.
Withholding tax is another major area which has been modified to include dividends, interest and service charges paid to a foreign person.
The exemption from tax hitherto enjoyed by companies operating in the area of mining, hotel and education sector is no longer there. The industrial company exemption from tax for five years is now limited to the year from the commencement of operations.
A new chapter has been added to the Income tax law to provide for, special provisions to deal with Islamic Financial dealings.
It is expected that the additional revenue estimates from the recent changes, will give the government of the Sultanate considerable financial support in its endeavour to bring in world class infrastructure in the country to augment the overall growth in the GDP.