Annual corporate income tax return with audited accounts (15 percent)

We turn your audited accounts into the Oman tax computation, check deductions, related party disclosures and WHT, and file the single annual return on the Tax Authority portal with the tax payment by the four month deadline.

OMR 650Yearly

For: Oman companies, branches and permanent establishments taxed at 15 percent, including foreign owned companies set up under the Foreign Capital Investment Law.

What we need from you

Audited IFRS financial statements signed by an Oman registered auditor
Must go with the return
Trial balance and ledgers
Tax computation
Tax card number
Shown on the return and all tax letters
Fixed asset register
Tax depreciation
Related party transaction list
Disclosure in the return
WHT returns and payments for the year
Reconcile foreign payments
Prior year return and assessment
Losses and open issues
TMS portal login
Filing and payment

What we discuss

Do you meet all small company tests for the 3 percent rate?
If yes, OM-CIT-02 applies instead
Did you pay non-residents royalties, technical or management fees?
10 percent WHT should have been paid
Any related party loans?
Thin capitalisation at 2:1 may limit interest
Will the audit be signed a month before 30 April?
Extensions are discretionary and do not defer payment
Any losses brought forward?
Use within the legal limits

What we file

Prepare the tax computation
Accounting profit OMR 400,000, add back disallowed OMR 30,000, taxable OMR 430,000 x 15 percent = OMR 64,500
File the income tax return with audited accounts
Pay the tax

What you get

Tax computation and filed return
Payment receipt and next year calendar

The law

Income Tax Law, Royal Decree 28/2009: 15 percent corporate income tax on taxable income; 55 percent on petroleum sales Source
Royal Decree 118/2020 amending the Income Tax Law: Single return within four months of year end from 2020; tax card registration within 60 days of starting business and updates within 30 days Source
Income Tax Law (accounts with the return): Return with audited accounts signed by an auditor registered in Oman, under IFRS Source
Income Tax Law (penalties): Late return fine OMR 100 to 2,000; late payment 1 percent per month; under declaration fine 1 to 25 percent of the difference Source
Income Tax Law (assessment time limits): Assessment generally within three years from the end of the year the return is filed; five years if no return Source
Income Tax Law (tax card): All taxpayers must hold a tax card; number shown on contracts, invoices and tax letters Source

Questions people ask

Online payment in OMR is not open yet. Send us a message and an adviser for Oman confirms the scope and the fee before any work starts.