Oman announces new tax incentives to alleviate impact of COVID-19 on businesses

Merge 104.8  |  08 July 2020

The Oman Tax Authority (OTA) has issued a series of new tax incentives aimed at helping local businesses tackle the economic impact of the COVID-19 pandemic.

Cover image for illustrative purposes only. Source: Shutterstock

In a statement issued online today [Wednesday, July 8], the OTA has announced the following incentives for companies:

— The suspension of additional tax from the non-payment of income tax due to be paid for the year ending December 31, 2019.

— The option to pay taxes due for the 2019 fiscal year in installments, and to permit those due from previous years to be rescheduled.

— The suspension of penalties and fines resulting from failure to submit declarations and accounts for 2019, until the end of September 2020.

— The suspension of additional tax due from original taxes payable for previous years prior to 2019, between the time-frame of January 1, 2020 to end of September 2020.

(Also read: Driving licenses can be renewed online: Royal Oman Police.)