Transfer Pricing- Oman

The current related party rules are included in Income Tax Law No. 28/2009, effective 1 January 2010. Broadly similar related party rules were also included in the old Income Tax Law, the Law of Income Tax on Companies of 1981. 

 

While the Oman tax law includes related-party provisions, there are no formal/detailed rules on transfer pricing documentation. However, the Oman Tax Authority expect that appropriate TP documentation will be made available under a tax audit or investigation.

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We help design and implement Global TP Policy / review Agreements for Multinational Corporations.

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Transfer Pricing compliance requirements by delivering meticulously prepared Documentation as per Local TP Regulations and global standards.

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We assist in identifying gaps by providing health check up from Legal, Corporate and TP documentation perspective.

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We have access to various public financial and company databases, industry and directories which assist us to render comprehensive TP analysis.

Transfer Pricing in Oman

The current related party rules are included in Income Tax Law No. 28/2009, effective 1 January 2010. Broadly similar related party rules were also included in the old Income Tax Law, the Law of Income Tax on Companies of 1981. While the Oman tax law includes related-party provisions, there are no formal/detailed rules on transfer pricing documentation. However, the Oman Tax Authority expect that appropriate TP documentation will be made available under a tax audit or investigation.

  • Not Applicable at present

Not Applicable at present
The Sultanate of Oman introduced Country by Country Reporting (CbCR) requirements via Ministerial Decision 79/ 2020, applicable from the fiscal years beginning on or after January 1, 2020. In this regard, The CbCR requirements are applicable to companies that are tax residents in Oman and are members of any Multinational Group which has a consolidated group revenue of at least OMR 300 million. The CbCR is required to be filed no later than 12 months after the last day of the reporting fiscal year of the MNE group. On 7 July 2021, the Oman Tax Authority announced the suspension of the local filing requirement, which means that qualifying multinational enterprise (MNE) groups with an ultimate parent entity (UPE) resident outside of Oman will not be required to submit the CbC report in Oman in any situation until further notice. The other obligations i.e. notification requirements will continue to apply. CbCR Notification is applicable to all constituent entities to be submitted by the last day of the reporting period.

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Mohammad Taher Shaikh [FCA, LL.B.]

Leader - Gulf Practice

20+ years, experience in International Tax and Transfer Pricing space.
Worked with A.F. Fergusson, KPMG, Ernst & Young and Deloitte wherein he served numerous Fortune 500 clients in different business space like consumer goods, automotive, IT and ITES. He did his masters in Law with Mumbai University and was part of the Tax Controversy Management Team at Deloitte.

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