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TP documentation in Oman

Do we need a Master File and Local File in Oman?

The situation

The sources we read do not set formal Master File or Local File thresholds for Oman, but related party transactions attract scrutiny.

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

The sources we read set no formal Master File or Local File thresholds for Oman. Even so, related party transactions attract scrutiny. A short note with the group policy, benchmarking and transaction list helps in any review.

What to do

  1. Get the group TP policy.
  2. Prepare an Oman note.
  3. Keep benchmarking.
  4. Update yearly.

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

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