(MENAFN- Muscat Daily) A conference hosted by EY on Wednesday discussed the impact of falling oil prices on the current economic environment and the consequent growing significance of tax as an important source of revenue for the government.
The breakfast briefing session on the 'Growing Significance of Tax' was organised at Grand Hyatt Muscat.
The conference was attended by over 100 senior executives representing large businesses in Oman and multinationals from the US Europe South Korea Japan China and several other countries.
The session featured discussions on the impact of falling oil prices on the economic climate of Oman. It provided guidance on the future outlook of what organisations should expect and how they should view taxation in the current macroeconomic environment.
Ahmed al Esry office managing partner and tax partner at EY Oman spoke about the changes to Oman's macroeconomic landscape and the effects these have on the evolving tax laws in the country.
H said 'With oil price being at a much lower level than it was over the past few years economic diversification and reduction in oil dependence will have to be actively pursued. The government has nevertheless communicated its resolve to ensure that ongoing projects in the country will not be affected announcing its biggest ever budget-spend for 2015.'
Esry said that the government is focusing on widening its revenue base. In line with this objective the 2015 budget tax revenue was increased by 25 per cent from RO400mn to RO500mn despite no further increase in tax rates. This is an indication of the government's confidence that the economy will continue growing in 2015.
Ramesh Lakshminarayanan and Manjot Chug executive tax directors at EY Oman gave presentations on the expected developments in the tax law and practices in Oman such as tax compliance matters withholding tax and transfer-pricing issues.
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