Post by : Maya Rahman

The Sultanate of Oman actively participated in the 18th Global Forum on Transparency and Exchange of Information for Tax Purposes, convened in New Delhi, Republic of India. This significant event gathered international experts and officials dedicated to enhancing transparency and reinforcing cooperation on tax matters globally.

Leading the delegation was Nasser bin Khamis Al Jashmi, Chairman of the Tax Authority, underscoring Oman’s commitment to establishing a transparent and efficient tax system meeting global benchmarks. The Global Forum serves as a crucial platform where member countries collaborate to share insights, assess advancements, and strategize on future initiatives concerning tax information sharing.

This year, the forum welcomed nearly 400 representatives from 124 member states, with participation extending to 12 observers and 7 invited organizations. Attendees from civil society and academia contributed to the discussions, enriching the conversation about the significance of transparency and equitable tax practices, reflecting widespread interest in fostering international tax collaboration.

Major discussions revolved around crucial topics aligned with the Forum’s strategic objectives. Continuous monitoring of adherence to international transparency standards was one significant area of focus, with member states evaluating progress and acknowledging challenges to achieving clear and accountable tax systems. Peer-review processes were also highlighted, permitting nations to evaluate and improve each other's performances.

Discussions further explored methods to gauge the efficacy of these standards across various jurisdictions, essential for ensuring the reliability of information exchanges that prevent tax evasion and enhance fiscal governance. The meeting also revisited the Forum’s technical assistance programs, instrumental in aiding countries to fortify their tax systems and foster transparency.

A noteworthy moment in the meeting included the signing of an annex by Nasser bin Khamis Al Jashmi regarding amendments to the Common Reporting Standard (CRS). The CRS is a global benchmark for automatically exchanging financial information between nations, essential for monitoring cross-border financial activities and enforcing compliance with tax regulations.

With this signing, Oman reaffirmed its commitment to updating regulatory frameworks and aligning with international developments in tax regulation, enhancing its capability for efficient information exchange and maintaining high transparency standards. It illustrates Oman’s readiness to partner with global entities and uphold international responsibilities in a proactive manner.

The Global Forum meeting provided a significant platform for Oman to connect with other nations, exchange knowledge, and contribute to discussions shaping the landscape of global tax transparency. As countries collaborate to foster transparent and just tax systems, Oman’s engagement highlights its dedication to international cooperation and sustainable economic growth.

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