Latest news with #TaxAuthority
Observer
21 hours ago
- Business
- 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
Gulf Insider
25-05-2025
- Business
- Gulf Insider
Oman Mandates Digital Tax Stamp On Imported Beverages From June 1
Starting June 1, 2025, Oman will enforce digital tax stamps on imported excise beverages, including carbonated drinks, energy drinks, and alcoholic beverages (excluding sweetened drinks). The Tax Authority (TA) outlined the rules, terms, and conditions for implementing the Digital Tax Stamp (DTS) scheme for excise goods in Oman through Ministerial Decision No. 21/2022. Initially, the scheme focused on cigarettes and was later expanded to cover shisha and other tobacco products. The authority now plans to extend the DTS requirement to include carbonated drinks, energy drinks, and other specified beverages. The digital tax stamps will help enhance control and compliance over these excise products, improving market transparency in Oman. 'The goal is to build a sustainable tax system while ensuring accountability from all stakeholders in the supply chain,' an official from the authority said. According to TA, a 'customs obligation' will apply from June 1, meaning excisable beverages imported without the digital stamp will be denied entry. From August 1, a 'commercial obligation' will come into effect, banning the sale of unstamped products within the local market. These digital tags enable tax authorities to efficiently monitor, track, and trace the movement of excise goods throughout the supply chain. The law came into force in mid-2019, when Oman introduced excise taxes ranging from 50% to 100% on various products, including cigarettes, tobacco, alcohol, spirits, carbonated drinks, and energy drinks. In 2024, Oman raised around 1.4 billion riyals from taxes, including corporate, selective, and value-added taxes. In 2023, tax revenue reached 2.054 billion riyals—a 10% increase over the budget estimate of 1.869 billion riyals—driven primarily by rises in corporate income tax, VAT, and economic recovery.
Zawya
22-05-2025
- Business
- Zawya
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. © Apex Press and Publishing Provided by SyndiGate Media Inc. ( Joydeep B
Muscat Daily
21-05-2025
- Business
- 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.
Muscat Daily
12-05-2025
- Business
- Muscat Daily
Oman Tax Authority partners with Omantel
Move marks major step towards digital transformation and improved tax governance Muscat- The Tax Authority of Oman has signed an agreement with Omantel to implement an electronic invoicing (e-invoicing) system, in a significant step towards modernising the nation's tax infrastructure and aligning with global digital standards. The agreement was formalised on behalf of Oman by Nasser bin Khamis al Jashmi, Chairman of Tax Authority and Chief Financial Officer, Ghassan al Hashar, representing Omantel. The new e-invoicing platform is set to enhance operational efficiency, improve the effectiveness of tax systems, and increase public revenue collection. It is part of the Sultanate's broader strategy to digitise public services and promote transparency across government sectors. Omantel will spearhead the design and development of the system, leveraging its extensive technological expertise and commitment to digital innovation and sustainability. The company will provide an integrated solution that supports secure data exchange, streamlines compliance, and ensures interoperability with international tax jurisdictions. 'This agreement marks a qualitative shift in the digital transformation of the tax sector,' said Jashmi. He added, 'The e-invoicing system will not only boost transparency and efficiency but also support small and medium-sized enterprises (SMEs) by simplifying tax procedures.' The initiative aligns with Oman's Vision 2040 goals of creating a competitive and diversified economy driven by technology and innovation.
