Tax Forum 2025 discusses digital transformation
Muscat: The second edition of the Tax Forum 2025, organized by the Tax Authority, discussed comprehensive developments in the tax system, developments in transfer pricing, and the implementation of value-added tax in the Sultanate of Oman.
Nasser bin Khamis al Jashmi, Chairman of the Tax Authority, said the forum provides specialists at the Tax Authority with the opportunity to benefit from the opinions and proposals discussed at the forum, which serve the tax process in the Sultanate of Oman.
Idris bin Hamoud al Rashidi, Director of the Electronic Invoicing Project at the Tax Authority, said the forum discussed several important topics related to the tax field, including electronic invoicing. The Authority seeks to completely transform voting, which will contribute to the level of transparency and tax compliance and support the government's digital transformation efforts in general.
Officials said the authority places great importance on strengthening bridges of trust with taxpayers, which has positively impacted the Authority's position in terms of transparency and efficiency in managing the tax system.
The forum featured the presentation of several working papers on the most significant structural changes within the Tax Authority aimed at enhancing operational efficiency and the ongoing improvements to electronic services provided to facilitate taxpayers' compliance. It also featured new strategic initiatives launched by the Authority, enhancing cooperation with international tax organizations, and sharing expertise and best practices.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Observer
20 hours ago
- Observer
HM's greetings conveyed to President of Kazakhstan
ALMATY: President Kassym-Jomart Tokayev of the Republic of Kazakhstan, received Sultan bin Salim al Habsi, Minister of Finance and his accompanying delegation, as part of his official visit to the Republic of Kazakhstan. During the meeting, the minister conveyed the greetings of His Majesty Sultan Haitham bin Tarik along with his best wishes to the president and further progress and prosperity for Kazakh people. During the visit, an agreement was signed on double taxation and the prevention of fiscal evasion with respect to taxes on income and capital between the two sides. Investment opportunities were also discussed to increase trade volume in the fields of logistics, mining and food security. Aspects of cooperation in the financial sector were also discussed, as well as investment cooperation related to the oil sector with the Kazakh side. This visit comes within the framework of enhancing cooperation between the Sultanate of Oman and the Republic of Kazakhstan, with the aim of fostering bilateral relations in the economic, financial and investment fields. The minister of finance accompanied a delegation comprising several officials from the Ministry of Commerce, Industry and Investment Promotion, the Tax Authority and the Oman Investment Authority, to discuss areas of cooperation and enhance relations between the Sultanate of Oman and the Republic of Kazakhstan. — ONA
Observer
24-05-2025
- Observer
The real disruption: EVs are rewriting the insurance rulebook
Electric vehicles are not just disrupting the car market — they are quietly rewriting the logic of insurance. Last week's move by Oman's Financial Services Authority (FSA), mandating full insurance coverage for electric vehicles (EVs) through Decision No. 14/2025, has been reported as a compliance correction. But beneath the regulatory language lies something far more consequential: a structural stress test for a sector that has long operated on traditional assumptions. This is not merely about enforcing Article (2)(b) of Royal Decree No. 34/94. It is about confronting a truth that many insurers have yet to internalise — that the 20th-century insurance model, built on combustion engines, predictable depreciation, and linear claims data, is increasingly out of sync with the energy and mobility systems of the 21st century. Electric vehicles are changing the nature of automotive risk. Their parts are fewer, but more expensive. Their failures are less mechanical, more digital. Damage to a battery pack can render an entire vehicle a write-off. And the real differentiator? Software. Insurers are no longer just covering machines — they're covering code. In this new reality, old underwriting models no longer apply. Risk is shifting from engine blocks to electronics. Repair costs depend less on metal and more on firmware. And the claims process now requires collaboration with EV platforms, not just body shops. What the FSA has done, then, is more than demand inclusion. It has cracked open the door for reinvention. By forcing insurers to cover EVs — even when technical infrastructure is still developing — the Authority is saying, in effect: evolve now, or risk being irrelevant tomorrow. This evolution won't be easy. Insurers must design pricing models that factor in non-linear depreciation, battery health, and real-time diagnostics. They must account for servicing ecosystems that are still emerging. And most crucially, they must do so while maintaining profitability and public trust. Yet therein lies the opportunity. Oman's insurers can become pioneers in designing EV-native insurance products — not retrofits of petrol-era policies. Imagine usage-based premiums tied to battery efficiency. Coverage tiers linked to over-the-air software upgrades. Partnerships with EV importers to create bundled policies at point of sale. These are not hypotheticals — they are already emerging in leading global markets. But this transformation requires more than actuarial tables. It demands vision. Oman's insurers must see themselves not just as risk absorbers but as enablers of national policy — partners in the country's energy transition under Vision 2040. The FSA's decision to allow cash compensation where spare parts or garages are unavailable was a practical interim step. But it must not become a crutch. It is the market's responsibility — and the regulator's expectation — that infrastructure for EV servicing and repairs scale quickly. The longer insurers delay adapting, the more they will expose themselves to mispricing, disputes, and brand erosion. More broadly, this moment could serve as a blueprint for regulatory innovation in other markets. Oman has quietly taken the lead in embedding electric mobility into insurance law — ahead of many jurisdictions still treating EVs as fringe anomalies. For the policyholder, the impact is direct: access, protection, and peace of mind. For the sector, the implications are existential. This is no longer about adjusting to electric vehicles. It's about surviving the algorithmic economy they usher in. The EV is not just a new type of vehicle. It is a new language of risk. Oman's insurance companies must now learn to speak it — fluently, urgently, and strategically.
Muscat Daily
21-05-2025
- Muscat Daily
Oman's mandatory digital tax stamp on imported beverages from June 1
Muscat – From June 1, Oman will enforce digital tax stamps (DTS) on imported beverages, including carbonated drinks, energy drinks, and other special beverages. The Tax Authority (TA) stipulated the rules, terms and conditions for implementation of the DTS scheme for excise goods in Oman through a ministerial decision (No 21/2022). As part of the initial phase, the scheme focused on cigarettes and was later expanded to include shisha and other tobacco products. The authority now intends to further expand the requirement to implement DTS to include carbonated drinks, energy drinks and other special drinks. The authority requires affixing digital tax stamps on these excise products to enhance the control and compliance of these specific products in Oman and enhance market transparency. 'The goal is to build a sustainable tax system while ensuring accountability from all stakeholders in the supply chain,' an official from authority said. According to TA, a 'customs obligation' will apply from June 1, meaning excisable beverages imported into Oman without the digital stamp will not be permitted entry. A 'commercial obligation' will come into effect from August 1, under which the sale of unstamped products will be banned within the local market. To support the implementation, TA launched a series of awareness workshops, field inspections, and media campaigns on May 18 and running until May 22 in Musandam, North and South Batinah. The outreach is aimed at educating importers, distributors, and retailers about the new regulations and ensuring a smooth transition. The initiative is part of Oman's ongoing efforts to align with international best practices in tax administration, particularly in sectors with high consumption and public health impact.
