Oman to make mandatory tax disclosures for firms

Dr Ali bin Masoud al Sunaidy, Minister of Commerce and Industry, was hosted by Majlis A’Shura and he highlighted following points.

>> This year there will be a law mandating companies to provide tax their tax disclosures, which will bring about more transparency, including about the hidden trades if any.

>> The economic situation in the country should be stable before the bankruptcy law is introduced.

>> A member asks about the plans to develop the Port Sultan Qaboos as a tourist destination.

>> A member calls for the decentralization small and medium enterprises, which are mostly concentrated in and around #Muscat

>> The Ministry refuses to adopt any economic project in 2018, unless a comprehensive feasibility study is submitted.

>> A special centre at the Ministry assists investors to various governmental licensing procedures on 24 projects, spread across five sectors, and worth over RO3 million.

>> Despite the decline in oil prices, industrial activities maintained their contribution in 2015 to R.O 5.5 bn, while service activities contribution stood at R.O 13.180 bn.

>>  Oman received foreign direct investment worth RO8 billion until the end of 2017, an increase of RO800 million from 2016.