Amendment of Income Tax Law provisions in line with international agreements

Oman Monday 21/September/2020 20:32 PM
Amendment of Income Tax Law provisions in line with international agreements

Muscat: The Taxation Authority stated that the Royal Decree No. 118/2020 issued on September 14, 2020 on amendment of some provisions of the Income Tax Law, promulgated by Royal Decree No. 28/2009 comes within the Sultanate's joining a number of international agreements concerned with taxation.

The Taxation Authority added that the said international agreements, which are related to exchange of information were signed on 26 November 2019 at the Headquarters of the Organisation for Economic Cooperation and Development in Paris and that the procedures for issuance of Royal Decrees for ratification of the agreements are underway.

The Taxation Authority also stated that joining such international agreements required enacting legal provisions on identification of the data to be disclosed/released, the persons targeted by such provisions and their liabilities and protection and confidentiality of data exchanged with the taxation authorities in the other countries within the Sultanate's contribution to the international efforts aimed to  limit tax evasion and frauds.

The Taxation Authority has the right to obtain any data, information or documents from any person for the purpose of implementing the provisions of the international agreements concerned with taxation, including request of information related to any person from any bank licensed to operate in the Sultanate.