MUSCAT -- The impact that the introduction of the new Income Tax Law will have on local tax payers and foreign investors has been discussed at an event organised by the Association of Chartered Certified Accountants (ACCA). The new law, which will take effect in the 2010 financial year, will be introduced to ensure the Omani tax system keeps abreast with the financial, economic and investment developments witnessed by the Sultanate in recent years. It also aims to consolidate all current tax laws and regulations and address their shortcomings.
A large number of accounting and finance professionals attended the event held at Safeer Ballroom, Muscat to hear how the changes would effect individuals and businesses in the Sultanate. The presentation was delivered by Nasser al Mughairy (pictured), FCCA, Managing Partner -- Abu Timam (Grant Thornton) Chartered Certified Accountants.
Mohammed Sajid Khan, ACCA's Country Manager, Oman, said: "The new laws will bring significant changes, not only to local taxpayers but to international investors, and ACCA was delighted to be able to play its role in being able to explain the significance of the changes. Accountants will play a vital role in ensuring people understand the tax they will have to pay, and it is critical in turn that they have a clear picture of the implications of the change."
By Staff Reporter
© Oman Daily Observer 2009
