Common Reporting Standards

In reference to the Income Tax Law promulgated by Royal Decree No. 28/2009, and in light of the issuance of Chairman Decision No. 78/2020 on Standards for Automatic Exchange of Financial Account Information, the Tax Authority alerts all addressees by the aforementioned decision of the importance to fulfil the obligations stipulated in the Standards. Designated persons may register and report financial account information through the Oman Tax Authority AEOI Portal (aeoi.taxoman.gov.om), and in case of no account is identified as a Reportable Account, the Financial Institution shall file a report to the Tax Authority stating that the Institution maintains no Reportable Accounts for that year. Adhering to the provisions of the standards will avoid imposing the administrative penalties and punishments stipulated in Articles (181) and (185) of the Income Tax Law.