Oman is increasingly becoming the choice of entrepreneurs wishing to reduce their tax burden. However, not all companies offering business registration in this country understand the nuances of tax legislation. As a result, many businessmen face unpleasant surprises in the form of fines.
Let us examine what mistakes most often lead to penalties and how to avoid them.
1. Forming a company without taking into account tax requirements
Some entrepreneurs start a business in Oman without understanding the details of the tax regime. However, registering a company does not mean automatic tax exemption.
Important:
Important:
- Correctly file tax exemption paperwork.
- Take into account office rental obligations and staffing requirements.
- Confirm the company's actual presence in the country.
2. Ignoring Omanization requirements
Doing business in Oman requires compliance with local hiring regulations. Some companies miss this point, which can lead to the revocation of tax benefits and the imposition of fines.
3. Violation of the deadlines for filing documents
Registration of tax exemption requires timely submission of all necessary documents. Late or erroneous filing may result in denial of exemptions and full tax assessment.
4. Working with unverified intermediaries
Some companies promise tax exemptions without understanding the intricacies of the law. The result is that entrepreneurs face problems when it is discovered that their company does not meet the requirements of the tax exemption.
How to protect a business from tax penalties?
To avoid penalties and financial losses, it is important to entrust the process of opening a company to professionals. Fortunes Business accompanies clients at all stages - from company registration to obtaining tax exemption.
Want to know how to legally reduce your tax burden and avoid risks? Book a free consultation and we will tell you how to open a business in Oman without unpleasant surprises.