Oman is attracting more and more businessmen who want to reduce their tax burden. Promises of complete tax exemption for 30 years can be found online, but is it really possible?
Let's find out how tax exemptions work in Oman and why advertising promises can lead to large fines from the tax office.
How is the tax exemption system in Oman structured?
Oman does offer the possibility of tax exemption, but it is not automatic. To qualify for tax exemptions, a company must meet a number of requirements and comply with certain obligations. Otherwise, the exemption can be revoked and the business can be fined.
What is important to consider?
- Renting an office for a long term - without this, it is impossible to confirm the real presence of the company in Oman.
- Compliance with Omanization norms - mandatory hiring of local employees.
- Regular confirmation of tax exemption status - the process is not a one-off, but requires renewal.
- Timely fulfillment of all procedures and obligations - without this, tax exemptions may be lost.
What is the catch of the “30 years tax free” promises?
Some companies mislead by claiming that tax exemption in Oman is valid for decades without any conditions. In reality, it all depends on correct execution and fulfillment of mandatory procedures. If these are neglected, you may not only lose the benefits, but also face additional costs and penalties.
How not to make mistakes?
The key to successfully obtaining tax benefits is the correct registration of the company, taking into account all legal requirements. Fortunes Business accompanies clients at all stages, guaranteeing reliable compliance with all conditions.
Want to learn more about how to get and keep your tax advantages in Oman? Contact us - let us tell you how to protect your business from risks and make the most of the jurisdiction's opportunities.