MUSCAT: The Tax Authority has cautioned businesses and individuals against using personal accounts or cash payments as a means of hiding income generated through commercial activities.
In an advisory issued on Wednesday, the authority said such practices are considered tax evasion and could lead to legal consequences.
“Using personal accounts or cash payments to hide business income is considered tax evasion and may lead to legal consequences and raise suspicions of money laundering,” the Tax Authority said.
Read More
- Oman monitors major oil spill from grounded tanker expanding off Hallaniyat Islands
- Oman’s South Al Batinah records 354 green inns, guest houses and heritage tourism facilities
- Vehicle theft ring busted in Oman, suspect arrested for repeated offense
- Oman’s Education Ministry opens registration for literacy and adult education programmes
- Muscat Municipality urges residents to avoid placing ads on walls and public facilities
The warning forms part of the authority’s efforts to strengthen tax compliance and encourage greater transparency in financial transactions across the Sultanate.
Businesses are expected to accurately declare their income and maintain appropriate financial records to ensure compliance with Oman’s tax laws and regulations.
The authority also urged the public to report suspected cases of tax evasion through its designated reporting channels.
