Latest news with #Tax Authority
Times of Oman
17-07-2025
- Business
- Times of Oman
Oman gets positive rating in tax transparency
Muscat: The Sultanate of Oman has been rated as "largely compliant" with international standards in the field of transparency and exchange of tax information. This positive outlook reflects the remarkable progress Oman has made in enhancing the transparency of its tax system. The assessment made by the jurisdiction party was based on a comprehensive review of the Sultanate of Oman's compliance with transparency requirements and the exchange of tax information upon request, in accordance with the standards set by the global forum of the Organisation for Economic Co-operation and Development (OECD), as regards transparency and exchange of information. The assessment process included a field visit made to the Sultanate of Oman by a team of international assessors, in September 2024. The team conferred with experts from the Tax Authority and government departments concerned to assess Oman's transparency and draft a report on Oman's status. This high ranking reflects Oman's ongoing commitment to establish the principles of transparency and governance and enhance international confidence in the country's tax system. Oman's commitment to global standards also helps combat tax evasion and support joint international efforts in financial and tax areas.
Yahoo
11-07-2025
- Business
- Yahoo
Gov't launches project to rebuild homes destroyed by Iranian missiles
The project will consolidate costs for home renovations across an apartment complex, aiming to reduce the overall cost to residents and the state. The Finance Ministry, Housing Ministry, and Tax Authority issued a joint statement on Tuesday announcing the launch of 'Renovations in Unity,' a project that aims to rebuild and compensate citizens who lost their homes in the Iranian ballistic missile attacks. A joint team of officials from the Finance Ministry, Housing Ministry, Tax Authority, and Israel Builders Association will run the project. It promises a new, innovative framework that will focus on renovating privately owned apartment complexes rather than individual apartments. Each apartment complex will be assigned a single contractor operating under the supervision of the joint team, the local authority, and the property tax authorities. The relevant ministries and authorities are preparing for the rapid implementation of the project across multiple localities. The aim is to provide high-quality solutions without the need for bureaucracy or individual bargaining with contractors. 'There is no need to deal with contractors, receive price quotes, or monitor work; the entire process is managed by the state, including financing, supervision, and execution,' they announced. As part of the announcement, the group clarified that people who have difficulty contacting authorities or finding contractors will receive additional support from the government. Local authorities will map the areas targeted for renovations, and they will then contact the residents and offer them the option of going through the government track. The local authority will forward the tenants' details to the Compensation Fund, and representatives of the fund will check that they meet the conditions and then contact them. 'There is no need to contact the Compensation Fund directly to join the track,' they said. The fund will assess the damage and transfer the compensation money to the designated management company, which will transfer it to the operating contractor and supervise the work. Shai Aharonovich, director of the Tax Authority, noted that the amount of claims his organization is facing is on a scale previously unseen. 'We are currently facing an unprecedented challenge of responding to approximately 45,000 claims for direct damage, of which approximately 35,000 are claims for structural damage. We take a large number of damages, consolidate them into one complex, and bring in a large construction company to handle them all at once,' he noted. 'This also allows us to involve companies in the restoration process that do not usually handle specific damage to a single structure, and also saves citizens the hassle of dealing with the authorities regarding the restoration and receiving compensation.'
