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Tax rules eased to help businesses

8 Jul 2020

As per the decision of the Supreme Committee dealing with the COVID-19 pandemic, Oman Tax Authority has announced a new set of incentives to help and support businesses overcome the challenges brought about by the pandemic. 

Some of the wavers include suspension of additional tax resulting from the non-payment of the income tax due to be paid for the year ending December 31, 2019 in addition to paying taxes in installments. 

In a statement, Oman Tax Authority 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, for a period not exceeding the end of September 2020. 

‘For those companies whose fiscal year ends at a later date, the taxes should be paid within the maximum period of nine months from the date of the end of its fiscal year.’ 

The statement 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 also suspended fines and penalties due to the failure to submit declarations and accounts for 2019, till September 2020, and any additional tax due from previous years to be submitted by September 2020.

‘Taxpayers can submit requests to postpone the disputed tax payment and can request an extended deadline for submitting the required documents and clarifications,’ said the statement.

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