Muscat: The Tax Authority has announced the extension of duration of set of incentives offered earlier by the government to the private sector with regard to the settlement of tax due in 2020.
The Tax Authority’s initiative comes in implementation of arrangements approved by the Supreme Committee (tasked with tackling developments resulting from coronavirus pandemic) with regard to the extension of incentives offered by the government to private sector establishments and manpower till the end of this year to help alleviate the economic impacts of the pandemic and ensure a quick resumption of economic and business activities.
The Tax Authority outlined the procedures as follows:
- Suspension of application of additional tax resulting from non-settlement of overdue income tax for the tax year ending 31 December 2019 till the end of December 2020. The deadline fixed for cases whose fiscal year ends beyond 31 December 2019 shall be extended for a maximum period of 12 months from the fiscal year-end of such cases.
- Suspension of enforcement of fines and penalties for non-delivery of reports and accounts for the fiscal year 2019 till the end of December 2020.
- Suspension of enforcement of additional tax set against original taxes that were overdue for years before 2019. The suspension here is valid for the period 1 January 2020 till the end of December 2020.
Source: ONA
