Global Forum Secretariat supports Oman’s implementation of the tax transparency and exchange of information standards

 

12/03/2024 - The Secretariat of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) provided on-site support to the Sultanate of Oman from 3 to 7 March 2024. Organised by Oman’s Tax Authority, the visit aimed at reinforcing the country's commitment to global tax transparency standards, with a particular focus on the Exchange of Information on Request (EOIR) and the Automatic Exchange of Financial Account Information (AEOI).

Throughout the visit, the Secretariat engaged in comprehensive discussions with several Omani institutions, including the Oman Tax Authority, the Ministry of Foreign Affairs, the Ministry of Commerce, the Ministry of Justice and Legal Affairs, the Central Bank of Oman, the Capital Market Authority, Muscat Clearing and Depository, and the Ministry of Awqaf and Religious Affairs. These meetings underscored the Sultanate's integrated approach to enhancing its EOIR framework and helped prepare Oman’s EOIR peer review to be launched in the second quarter of 2024.

Another focus of the visit was set on preparing Oman for the AEOI effectiveness peer review of its implementation of the Common Reporting Standard (CRS) scheduled for 2024. The Secretariat provided technical assistance aimed at bolstering Oman's administrative compliance strategy. It also directed a targeted workshop on the AEOI Standard, to support Omani officials and financial institutions in understanding their roles and responsibilities ahead of the effectiveness review.

The preliminary findings and recommendations shared with senior Omani officials, including representatives from the Oman Tax Authority, will serve as a guiding framework for strengthening the country's legal and regulatory infrastructure and its practical application.

The Global Forum is the leading multilateral body mandated to ensure that jurisdictions around the world adhere to and effectively implement both the standard of transparency and exchange of information on request and the standard of automatic exchange of financial account information. These objectives are achieved through a robust monitoring and peer review process. The Global Forum also runs an extensive capacity-building programme to support its members in implementing the standards and help tax authorities make the best use of cross-border information sharing channels.

For more information, please contact gftaxcooperation@oecd.org.