25th February 2019
MGI Vision Chartered Accountants, based in Muscat, Oman and members of MGI Worldwide global accounting network since 2016, are pleased to provide fellow members with a brief on the latest amendment to Income Tax Laws of Oman. This ministerial decision, amongst other things, clarifies the position on withholding tax, deductibility of some categories of expenses and the requirements of the tax card.
Abdul Majid Al Abri, Partner at MGI Vision Chartered Accountants explains:
“This amendment has brought clarity on some long-pending concerns mainly in relation to the applicability of the Withholding tax. Also, increases in limits for managerial remuneration offers slight relief against the removal of OMR 30,000/- taxed at zero rate. Overall, this amendment will further increase compliance to the tax laws in the country and overall tax revenue for the government.”
MGI Vision Chartered Accountants (MGI VCA) is an assurance, tax and consulting firm registered under the commercial laws of Oman, established in the year 2011 by Mr. Abdul Majid Al Abri, an international rank holder CIA, and professional CFE.
Download the full paper HERE
For further information visit the firm’s profile page HERE or the firm’s website HERE
MGI MENA is part of MGI Worldwide, a top 20 ranked global accounting network with some 5,200 independent auditors, accountants and tax experts in over 260 locations around the world.
30th November 2020
With the global economy taking a hit due to this year’s pandemic and businesses around the world...
26th November 2020
Issued by Royal Decree in October 2020, the Sultanate of Oman has announced the introduction of...
7th September 2020
In May 2020, the International Accounting Standards Board (IASB) issued Covid-19-Related Rent...