The EU finance ministers agreed to add 10 countries to a blacklist of alleged tax havens, including the Sultanate and the UAE.
Sunday 17, March 2019 BY KUDAKWASHE MUZORIWA
Oman’s Secretariat General of Taxes regrets the Sultanate’s inclusion in the list of countries that have not yet completed the adoption of international tax standards for information and transparency exchange, according to local newswire, Oman News Agency.
In a statement, the Ministry of Finance stated that it regrets over the decision in light of the continuous communication between the Sultanate and the EU to combat tax evasion and strengthen cooperation between the tax authorities.
Additionally, the ministry also said that it is continuing efforts to meet the criteria stipulated in the agreements and treaties to enhance cooperation with the tax authorities of other countries, which is still being completed due to the legislative cycle in the Sultanate.
In October 2017, Oman completed the membership of the international framework of Base Erosion and Profit Shifting (BEPS) and acceded to the Global Forum on Transparency and Exchange of Information for Tax Purposes in October 2018, which is a requirement of the EU.