This allows Oman's financial institutions (FIs) and multinational entities (MNEs) to achieve its global transparency commitments including those set out under the Organisation for Economic Cooperation and Development (OECD)’s Common Reporting Standard (CRS) and Country by Country (CbC) reporting.

CRS requires FIs in Oman to gather financial account information on foreign taxpayers. The information is sent to their resident jurisdictions with the overall aim of the detection of undeclared assets offshore as well as acting as a deterrent in the future for hiding money offshore.

CbC reporting is an obligation that forms part of the actions set out under the OECD Base Erosion Profit Shifting (BEPS) project. It means that the OECD puts an obligation on large MNEs to submit detailed reports on certain economic indicators. These are then exchanged globally from the parent entity country to those of its subsidiaries to formulate a better view of their global operations and in particular, booking of profits for tax purposes.

Vizor, now part of Regnology, provides both a solution for technical compliance as well as the experience and subject matter expertise that the Oman Tax Authority was looking for in a platform.

We selected the AEOI solution based both on the user-friendliness of the solution as well as their track record of success with tax authorities not just in the region but globally

Said Ahmed Al Shanfari, Director of Tax Agreements at Oman’s Tax Authority.

The Challenge

Before implementation, the Oman Tax Authority had received technical assistance from the OECD ensuring that officials were up to speed from a legal and tax perspective.

Given the complexities in building an AEOI solution—as well as maintaining it and ensuring it complies with the international standards—the authority decided that partnering with us was the most strategic decision.

Challenges arose from acquiring hardware, which was impacted by disruptions to supply chains due to Covid-19. The pandemic also meant that travel restrictions prevented onsite visits from our staff. Like most companies in 2020, a transition to online work meant the successful rollout was carried out entirely remotely.

The Solution

The implementation was delivered in partnership with a leading Omani technology services company, Software Systems LLC (SSL), which facilitated much of the local dialogue and resolved any local issues.

Working 100% remotely throughout the delivery of this project, the team held weekly project status calls to ensure that all parties were on the same page, constantly update the project plan, and reach common solutions to overcome any obstacles.

The bespoke solution provides a user-friendly software platform that allows the Oman Tax Authority to meet its full set of international tax information sharing commitments including CRS and CbC reporting.

More recently, it also offers an Analytics Module enabling further data analysis, sophisticated data reporting, and actionable insights beyond the many out-of-the-box features.

The Benefits

Through our constant communication with all parties involved, we provided guidance that went beyond mere technical knowledge, including sharing subject matter expertise in interpreting international standards.

“We are delighted to see the project reach go-live ensuring we meet our exchange commitments on time with the highest quality data and ultimately ensuring that Oman maintains a well-regulated and transparent environment,” adds Al Shanfari.

To find out more on how we can help countries to introduce, facilitate and implement CRS, FATCA, and other requirements, book a demo of our exchange of information solutions for tax authorities.

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