Latest news with #ExecutiveRegulations
Argaam
25-05-2025
- Business
- Argaam
Housing Ministry seeks feedback on draft contractor classification regs
The Ministry of Municipalities and Housing (MOMAH) launched a draft update of the Executive Regulations for the Contractor Classification System for public consultation. The proposed update aims to update and strengthen the current regulations, align them with recent developments in the contracting sector, ensure compliance with international standards, and enhance the quality of both public and private sector projects.
Muscat Daily
21-05-2025
- Business
- Muscat Daily
CPA warns online vendors to adhere to law
Muscat -The Consumer Protection Authority (CPA) has issued a reminder to all online vendors operating in Oman, urging them to adhere strictly to the provisions of the Consumer Protection Law and its Executive Regulations. This move is part of ongoing efforts to ensure a safe and transparent digital marketplace for consumers across the country. In its statement, the CPA highlighted that these legal requirements are essential for safeguarding consumer rights in the growing e-commerce sector, which has seen significant expansion in Oman over the past few years. With more businesses moving online and consumers increasingly relying on digital platforms for their purchases, the authority stressed the importance of regulatory compliance to build trust and accountability in the market. According to Article 33 of the Consumer Protection Law, vendors, advertisers, and agents conducting business online -whether based in Oman or represented by a local agent – are required to meet a series of obligations when entering into remote or electronic contracts. These obligations are legally binding and are designed to ensure that consumers receive full transparency and fair treatment in online transactions. Among the key requirements outlined in the law, online providers must obtain prior approval from the relevant authorities before offering goods or services electronically. They are also required to present products on their digital platforms in a manner that reflects their actual form, ensuring that consumers are not misled. Furthermore, vendors must clearly communicate the location, date, and method of product delivery, and must establish an exchange and return policy that aligns with the Law's provisions – guaranteeing consumer rights are not compromised. The CPA continues to monitor e-commerce activities and urges consumers to report any violations they encounter. Vendors are encouraged to review their practices and make necessary adjustments to remain compliant, as failure to do so could result in legal consequences.
Zawya
21-04-2025
- Business
- Zawya
Kuwait: Finance ministry warns companies over delayed income tax payments
KUWAIT CITY - The Ministry of Finance has issued a firm reminder to companies delaying their income tax payments, urging them to expedite settlement to avoid fines, reports Al-Jarida daily. Citing Article Eight of the Income Tax Decree, the ministry reiterated that late payments are subject to a penalty of one percent for every 30 days—or part thereof–of delay. In a recent communication sent to a defaulting company, the ministry highlighted the consequences of failing to comply with tax regulations. It also cited Article 24 of the Executive Regulations, stating that companies have a maximum of 60 days from the date of receiving a tax assessment letter to file objections. After this period, objections will not be considered. The ministry explained that upon reviewing the company's tax return, it was determined that the company failed to maintain proper accounting books and records as required by the provisions of Income Tax Decree No. 3/1955, its amendment Law No. 2/2008, and Article 15 of the Executive Regulations. As a result, the ministry opted not to acknowledge the reported financial results of the company and instead estimated its taxable profit at 30 percent of its revenues. Based on Article 19 of the Executive Regulations, the Tax Administration is authorized to assess taxes on an estimated basis in cases where determining the actual net income is not feasible. These scenarios include failure to submit the tax return or its attachments, missed deadlines, or the absence of required records and documentation after two formal warnings. The same applies if a taxpayer refuses to provide requested information or submits inaccurate or misleading documentation. The ministry stressed that adherence to tax obligations is critical, warning that non-compliance not only results in fines but also subjects companies to estimated assessments,w hich may significantly increase their tax liabilities. Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. ( arabtimes
Arab Times
19-04-2025
- Business
- Arab Times
Finance ministry warns companies over delayed income tax payments
KUWAIT CITY, April 19: The Ministry of Finance has issued a firm reminder to companies delaying their income tax payments, urging them to expedite settlement to avoid fines, reports Al-Jarida daily. Citing Article Eight of the Income Tax Decree, the ministry reiterated that late payments are subject to a penalty of one percent for every 30 days—or part thereof–of delay. In a recent communication sent to a defaulting company, the ministry highlighted the consequences of failing to comply with tax regulations. It also cited Article 24 of the Executive Regulations, stating that companies have a maximum of 60 days from the date of receiving a tax assessment letter to file objections. After this period, objections will not be considered. The ministry explained that upon reviewing the company's tax return, it was determined that the company failed to maintain proper accounting books and records as required by the provisions of Income Tax Decree No. 3/1955, its amendment Law No. 2/2008, and Article 15 of the Executive Regulations. As a result, the ministry opted not to acknowledge the reported financial results of the company and instead estimated its taxable profit at 30 percent of its revenues. Based on Article 19 of the Executive Regulations, the Tax Administration is authorized to assess taxes on an estimated basis in cases where determining the actual net income is not feasible. These scenarios include failure to submit the tax return or its attachments, missed deadlines, or the absence of required records and documentation after two formal warnings. The same applies if a taxpayer refuses to provide requested information or submits inaccurate or misleading documentation. The ministry stressed that adherence to tax obligations is critical, warning that non-compliance not only results in fines but also subjects companies to estimated assessments,w hich may significantly increase their tax liabilities.
Argaam
19-04-2025
- Business
- Argaam
ZATCA approves amendments to VAT Law Executive Regulations
The board of Zakat, Tax, and Customs Authority (ZATCA) approved amendments to the Executive Regulations of the Value-Added Tax Law, which will come into effect as of April 18, the date of their publication in the official gazette. Under the amendments, the tax group representative registered with the authority prior to the issuance of this decision will be granted a period of no less than 180 days, starting from the date of the decision publication, to adjust the status of the tax group in accordance with the amendments included in Article 10 of the VAT Executive Regulations. The amendments included a set of new controls related to ceasing or transferring the conduct of economic activities, as well as regarding goods subject to the zero percent rate, and the mechanism and conditions for tax recovery. If a taxable person ceases to engage in economic activity, including the dissolution of a legal entity, or transfers the activity, they should cancel their registration. The cancellation will take effect from the date determined by the authority after approving the cancellation, provided that all tax requirements are fulfilled for the cancellation request to be approved.
