Oman: Powers to allow tax exemptions granted to Minister of Finance
Royal Decree issued granting the Minister of Finance powers to allow tax exemptions
Royal Decree issued granting the Minister of Finance powers to allow tax exemptions
The Prime Minister of Oman on 9 November 2023 issued Royal Decree No. 80/2023 (RD 80/23) allowing the Minister of Finance to grant tax exemptions under the following:
- Oman Income Tax Law promulgated by Royal Decree 28/2009
- Oman Excise Tax Law promulgated by Royal Decree 23/2019
- Oman Value Added Tax Law promulgated by Royal Decree 121/2020
RD 80/23 is effective from the date of its issuance, i.e., 9 November 2023.
The tax legislation mentioned above allows taxpayers various exemptions, subject to the satisfaction of specified conditions and approval of the Oman tax authority. Currently, an application for such exemptions is required to be filed either directly with the tax authority or with specified authorities who (after review) forward these for final approval to the tax authority. With the issuance of RD 80/23, taxpayers who have already filed applications that are pending disposal, as well as those planning to apply, need to consult the respective authorities to understand the new application/decision process.
Read a November 2023 report prepared by the KPMG member firm in Oman
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