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Brief background

The Tax Authority (TA) introduced CbC rules in Oman vide TA Decision No. 79 /2020 published in the Official Gazette on 27 September 2020 (Click here for our tax alert on the same). 

As per the CbC rules, all tax resident entities in Oman are required to file the CbC notification on or before the last date of the Reporting Fiscal Year upon satisfying certain conditions as prescribed under such rules (qualifying tax resident entities).

Accordingly, all qualifying tax resident entities in Oman whose Reporting Fiscal Year ends on 31 December were required to file the CbC notification on or before 31 December 2020.

What has changed

The TA announced an extension of the CbC notification due date by four months for entities whose Reporting Fiscal Year ends on 31 December 2020. The CbC notifications under the extended timeframe can now be filed on or before 30 April 2021. 

As per the TA’s announcement, this extension has been provided in light of exceptional circumstances this year triggered by the Covid-19 pandemic and its impact on the business sector.

The extension is quite an encouraging and a welcomed move given the short time frame available to tax resident entities in Oman post introduction of CbC rules to undertake such notification filings.

Please note: the announcement clarifies that no extension is provided for CbC reporting which is still due within 12 months from the end of the Reporting Fiscal Year.