Latest news with #taxsystem
Times of Oman
12-05-2025
- Business
- Times of Oman
Tax Authority, Omantel sign agreement to implement electronic invoicing system
Muscat: The Tax Authority signed an agreement to implement the electronic invoicing system with Omantel. The agreement, signed in Muscat on Monday, forms part of the Sultanate of Oman's ongoing efforts to modernise the tax system and to keep pace with global trends towards comprehensive digitisation. The agreement was signed by Nasser bin Khamis Al Jashmi, Chairman of the Tax Authority, and Eng. Sami bin Ahmed Al Ghassani, Chief Tech and Digital Officer of Omantel. The step represents a milestone in the governance of the tax sector. Besides enhancing operational efficiency, the e-invoice platform helps regulate public revenues. Drawing on its accumulated expertise in the technology sector, Omantel operates as an innovative digital design centre for the e-invoice system. The company gains impetus from its digital transition initiatives and its support to the strategy of sustainability.
Telegraph
07-05-2025
- Business
- Telegraph
Starmer faces Badenoch after India trade deal backlash
Sir Keir Starmer has been accused of implementing a two-tier tax system after signing a trade deal that exempts Indian migrants from paying National Insurance. The change was contained in an agreement struck between the UK and India that was hailed by No 10 as the most economically significant since Brexit. Government insiders welcomed a large reduction in Indian tariffs on UK exports of whisky and cars as they completed a deal after three years of negotiations. But the announcement was overshadowed by the decision to exempt Indians who move their jobs to the UK and their employers from paying National Insurance for three years. The change was a key demand made by Indian negotiators who said the move would result in 'significant financial gains' for Indian companies.
Telegraph
06-05-2025
- Business
- Telegraph
Starmer signs ‘two-tier' tax deal for Indian migrants
Sir Keir Starmer has been accused of implementing a two-tier tax system after signing a trade deal that exempts Indian migrants from paying National Insurance. The change was contained in an agreement struck between the UK and India that was hailed by No 10 as the most economically significant since Brexit. Government insiders welcomed a large reduction in Indian tariffs on UK exports of whisky and cars as they completed a deal after three years of negotiations. Sir Keir said: 'Today we have agreed a landmark deal with India – one of the fastest growing economies in the world, which will grow the economy and deliver for British people and business.' But the announcement was overshadowed by the decision to exempt Indians who move their jobs to the UK and their employers from paying National Insurance for three years. The change was a key demand made by Indian negotiators who said the move would result in 'significant financial gains' for Indian companies. A loss for Britain The Indian government hailed the concession as a ' huge win ' and said it would create new job opportunities for its citizens and benefit those already living in the UK. But the deal comes just a month after Labour imposed higher National Insurance on British companies and follows calls from within Labour for the party to toughen its immigration stance after Reform's local election success. Kemi Badenoch, the Conservative leader, and Nigel Farage, the Reform leader, both dubbed the Government's differing policies on National Insurance a 'two-tier' approach. Mrs Badenoch, who as business secretary had declined to sign off the India deal, said: 'This is two-tier taxes from two-tier Keir. I refused to sign this deal because: Tax refunds for Indians not available to us Visa requests too high Ceramics and Aluminium industries would be screwed... When Labour negotiates Britain loses.' Nigel Farage said 'two-tier Keir' was betraying British workers. 'If you look at the detail, it's truly extraordinary,' he said in a video on X. 'This Government doesn't give a damn about working people. 'The Labour party have this time in a big, big way betrayed working Britain, and that's why many people voted for us last Thursday, but for some reason the Government just doesn't seem to understand.' He added: 'Reform UK are the party of British workers. This deal is truly appalling and I think what you'll see is Starmer's ratings in the polls plummet further.' Two-tier Keir betrays British workers. — Nigel Farage MP (@Nigel_Farage) May 6, 2025 Robert Jenrick, the Tory shadow justice secretary, said: 'Starmer has hiked National Insurance on Brits while giving an exemption to Indian migrants. British workers come last in Starmer's Britain.' But Labour accused Mrs Badenoch last night of 'desperately seeking to distract from her failure' in the local elections with a 'made-up row about a standard tax agreement'. Government figures involved in the deal said there were no changes to broader migration rules as a result of the trade agreement and claimed the terms of the deal would only apply to a relatively small number of Indians transferring jobs from their home to the UK. They added that India was granted no extra student visas, as once floated, and said the UK already has 17 such deals with countries such as America and South Korea and with the European Union. The alterations were framed by the Government as improving 'business mobility'. Narendra Modi, the Indian prime minister, said: 'These landmark agreements will further deepen our comprehensive strategic partnership, and catalyse trade, investment, growth, job creation, and innovation in both our economies.' 'Once in a generation' The deal between the world's fifth and six largest economies will boost the size of the UK economy by £4.8 billion by 2040, according to the UK Government's own estimates, though that is just 0.1 per cent of total GDP. Indian tariffs on UK whisky and gin exports will drop from 150 per cent to 75 per cent and then to 40 per cent after a decade in what the industry called a 'once in a generation' breakthrough. UK officials also pointed to India's reduction of whisky and gin tariffs and the reduction of automotive tariffs from 100 per cent to 10 per cent, with a quota, as a significant step forward. India in turn won reductions to UK tariffs on clothes, footwear and food products such as prawns. The Government argued this would lower costs for British consumers. While the terms of a deal have been struck, a signing ceremony is needed on the formal paperwork, which is yet to be published as well as a period of parliamentary scrutiny, meaning it is not expected to kick in for a year. The most contentious aspect has been the striking of a 'double contribution convention', designed to make sure one worker does not pay National Insurance in two countries at the same time. It will stop Indian workers temporarily in the UK and their employees from paying National Insurance contributions for three years. British workers moved to India similarly benefit. The Government declined when pushed last night to say how many Indian migrants would benefit from the concession. The Indian Government in a press release about the trade deal said the figure would be 'large', while critics have argued that the change makes it more attractive for Indian companies to send workers to the UK rather than hire British workers. The UK Government admitted on Tuesday it had internal analysis on the numbers affected but – despite growing calls for clarity from politicians – refused to publish those numbers. The number of work visas issued to Indian nationals in 2024 was 81,000, but it is thought only a fraction of those would benefit. Indians are now able to apply for 33 different work sectors via the Global Business Mobility Visa, up from 15. Indian chefs, musicians, yoga instructors will be able to apply to work in the UK for the first time, but the annual number of approvals will be capped at 1,800. Shield against Trump It was reported last night that British car makers could be shielded from the full force of Donald Trump's tariffs, with Sir Keir nearing a separate trade pact with the US. The proposed deal, which insiders suggest could be signed this week, would grant lower tariffs on car and steel exports up to an agreed quota. Critics of Sir Keir's premiership have already been campaigning against the decision in the Autumn Budget to raise £25 billion by increasing National Insurance on businesses. The Prime Minister is also under pressure to reduce immigration numbers after Reform, which has called for a much tougher border stance, won control of 10 councils in last week's local elections. But Jonathan Reynolds, the Trade Secretary who struck the deal with India, said: 'I think some people get a little bit carried away as to what this actually means.' Mr Reynolds added: 'Obviously, if people were in the UK, they will still be paying income tax, they would still be paying, for instance, the health surcharge, and they wouldn't be eligible for benefits from the National Insurance system.' A Government spokesman said: 'This deal will provide an annual £4.8 billion boost for British businesses, create more jobs, raise wages by more than £2 billion a year and bring down prices for hard-pressed consumers. 'Kemi Badenoch is desperately seeking to distract from her failure with a made-up row about a standard tax agreement that will benefit British workers abroad. 'Where the Conservatives failed to seal the deal, Labour is putting more money in working people's pockets through our plan for change.'
Times of Oman
06-05-2025
- Business
- Times of Oman
Forum discusses overall development in tax system
Muscat: The second edition of the Tax Forum 2025, organized by the Tax Authority in Muscat on Tuesday, discussed ways to introduce comprehensive developments in the tax system, in transfer pricing and in the implementation of value-added tax (VAT) in the Sultanate of Oman. The forum saw the presentation of working papers on the most significant structural updates within the Tax Authority. The updates included the consolidation of operational efficiency and improvements to electronic services aimed to facilitate taxpayers' compliance. The presentation also showcased new strategic initiatives launched by the Authority and aspects of enhancing cooperation with international tax organisations and sharing expertise and best practices in the field. Specialised experts gave detailed accounts of outstanding tax developments at the regional level and the potential impacts of such developments.
Times of Oman
06-05-2025
- Business
- Times of Oman
Tax Forum discusses development in tax system
Muscat: The second edition of the Tax Forum 2025, organized by the Tax Authority in Muscat today, discussed ways to introduce comprehensive developments in the tax system, in transfer pricing and in the implementation of value-added tax (VAT) in the Sultanate of Oman. The forum saw the presentation of working papers on the most significant structural updates within the Tax Authority. The updates included the consolidation of operational efficiency and improvements to electronic services aimed to facilitate taxpayers' compliance. The presentation also showcased new strategic initiatives launched by the Authority and aspects of enhancing cooperation with international tax organizations and sharing expertise and best practices in the field. Specialized experts gave detailed accounts of outstanding tax developments at the regional level and the potential impacts of such developments.
