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Disclosing related party transactions

Do we disclose related party dealings in the tax return?

The situation

Related party transactions must be disclosed in the income tax return.

The law

  • Income Tax Law (related party transactions): Related party dealings must be at arm's length and disclosed in the return; Tax Authority can recompute income

What it means for you

List each related party, the type of transaction and the amount in the return. Keep it consistent with the audited accounts. Missing or inconsistent disclosures raise review risk.

What to do

  1. Prepare the related party list.
  2. Match it to the accounts.
  3. Complete the return section.
  4. Keep support.

We can do this for youRelated party pricing, return disclosure and thin capitalisation review: OMR 750

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