The Revenue Division at the Ministry of Finance and Economy (MoFE) held a socialisation session on corporate income tax recently.
The session, held at Bilik Serbaguna 2, Level 3, Island Block of the ministry, hoped to enhance common understanding with regards to scope of taxation among corporate taxpayers in the country as well as to raise awareness on their obligations and responsibilities towards the compliance of corporate income tax.
During the briefing, the Revenue Division officer explained the basis of tax assessment, compliance on the filing of tax returns and tax computation, in accordance with Chapter 35 of the Income Tax Act.
The session was part of the ongoing efforts made by the MoFE to further strengthen tax compliance and raise awareness about the importance of corporate taxes to the public, especially among taxpayers in the Sultanate. – James Kon
