MUSCAT : The authority said using a personal account does not exempt taxpayers from the obligation to declare all revenues generated through business activities and submit accurate tax returns in accordance with the law.

It urged businesses to maintain separate accounts for personal and commercial transactions to improve financial record-keeping, enhance transparency and facilitate the preparation of tax returns.

According to the authority, failing to separate personal and business transactions can make it difficult to accurately track business revenues and expenses, increasing the risk of incomplete income disclosure and tax discrepancies.

The Tax Authority warned that violations may result in additional tax liabilities, penalties and other legal measures under the applicable tax legislation. It also noted that undisclosed revenues could lead to the reopening of tax assessments and the reassessment of tax obligations.

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