Oman announces new tax incentives for businesses

The Oman Tax Authority has announced a new set of incentives to help businesses to overcome various challenges.

A statement issued by the Oman Tax Authority on Wednesday said,  “The new incentives include the suspension of additional tax resulting from the non-payment of the income tax due to be paid for the year ending December 31, 2019.  The previously specified date extends for cases where a fiscal year ends at a later date for a maximum period of nine months from the date of the end of its fiscal year.”

The authority said that tax due for the year 2019 can be paid in installments while those from the previous years can be rescheduled.

The Oman Tax Authority has suspended fines and penalties due to the failure to submit declarations and accounts for 2019 and any additional tax due from the original taxes payable for previous years from January 1 2020 to September 2020.

Taxpayers can submit requests to postpone the disputed tax payment at the time set for objection and can request an extended deadline for submitting the required documents and clarifications.

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