Meeting discusses update of international accounting standards and tax legislation

Muscat: The Tax Authority on Monday organised a meeting with the largest auditing and accounting offices to discuss the most important changes related to tax matters resulting from the update of international accounting standards and tax legislation.

The meeting was attended by Nasser Khamis Al Jashmi, Chairman of the Tax Authority and the Authority’s officials.

During the meeting, the challenges facing taxpayers were reviewed, and possible ways to facilitate these challenges were discussed in a way that enables taxpayers to comply with tax legislation, in addition to choosing the (IFRS 16) standard as a main focus of this meeting.

The meeting comes as part of the Authority’s keenness to ensure the effective application of international standards to enhance transparency and credibility in the financial statements of taxable companies.

The Authority also intends to organise such dialogue meetings periodically to enhance joint cooperation among tax consultants and exchange expertise and knowledge in the tax field.