Sign up for tax alert emails    GTNU homepage    Tax newsroom    Email document    Print document    Download document

October 15, 2020

Oman ratifies automatic exchange of information

Executive summary

Oman ratified, on 14 September 2020, the automatic exchange of information (AEOI) through Royal Decree No. 118/2020 (RD 118/2020) to support the implementation of the Common Reporting Standard (CRS) developed by the Organisation for Economic Co-operation and Development (OECD). On 17 September 2020, the Chairman of the Tax Authority issued Tax Authority Decision No. 78/2020 (TA Decision 78/2020) outlining related administrative rules.

The effective date for the CRS in Oman was 1 July 2019 and the first reporting is due by 31 October 2020 (based on a Circular issued by the Tax Authority on 4 October 2020). Reporting Financial Institutions (such as banks, funds, brokers, custodians and insurance companies offering cash value or annuity products) need to have processes and procedures in place to meet their compliance requirements. If these were not fully implemented in time for this year’s reporting, any necessary remediation should be carried out as soon as possible.

Individuals and entities that are not Reporting Financial Institutions should be prepared to provide relevant documentation to Reporting Financial Institutions to support their tax residency status.

Detailed discussion


The CRS is a standard developed by the OECD relating to automatic exchange of financial account information and requires jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. Oman is one of more than 100 jurisdictions that have committed to the CRS.


  • 1 July 2019: New account holders’ onboarding processes must be effective
  • 31 December 2019: Review of pre-existing high value individual account holders must be completed
  • 31 October 2020: Extended first reporting deadline for period 1 July 2019 to 31 December 2019 for CRS in Oman
  • 31 December 2020: Complete due diligence on pre-existing entity and lower value individual account holders
  • 31 May 2021: Reporting deadline for tax year 2020 for CRS in Oman (based on TA Decision 78/2020)

Automatic Exchange of Financial Account Information

Reporting Financial Institutions (RFIs) in Oman must undertake a comprehensive review of their pre-existing account holders (accounts maintained as of 30 June 2019) to identify account holders that are tax residents of the CRS participating countries who hold financial accounts, either directly or indirectly. Further, RFIs must identify any new account holders (accounts opened from 1 July 2019 onwards) that are tax residents of the CRS participating countries. All reportable account holders must be reported to the local tax authority on an annual basis with details of their address, tax identification number(s), date and place of birth (for individuals), account balances and depending on the type of the account details of interest or dividends paid, gross proceeds from the sale of redemption of financial assets and aggregate amounts of redemption payments made.

RFIs may apply the following procedures to perform their review:

  • Apply the due diligence procedures for new accounts to pre-existing account holders.
  • For pre-existing lower value individual accounts, treat the account holder as tax resident of the jurisdiction identified in the current residence address held in the RFI’s records.
  • For pre-existing entity accounts, use any classification on record that was based on a standardized industry coding system.
  • Electronically report details of the reportable accounts to the Oman Tax Authority and associated information by 31 May of the year following the calendar year to which the report relates. If no reportable accounts are identified, a nil report should to be filed.
  • Maintain documentation for these due diligence procedures for a period of not less than five years from the end of the following calendar year during which the report is required to be submitted.
  • Use the “alternative attestation procedure” for certain employer-sponsored group insurance or annuity contacts such that a member’s interest is not a reportable account until an amount is payable to the employee/certificate holder or beneficiary.
  • For due diligence purposes, account balances that are not in US Dollars should be converted to US Dollars at the spot rate for the purpose of applying the de-minimis limits.
  • For reporting purposes, the equivalent value of reportable accounts (if in other currencies) needs to be determined in Omani Rials.

Penalties for non-compliance

TA Decision 78/2020 does not stipulate any fines or penalties for non-compliance. Nevertheless, RD 118/2020 specifies that the Tax Authority may take all actions to obtain such information from the taxpayer.

Effective date

The provisions relating to AEOI take effect from 21 September 2020, the day following the date when RD 118/2020 and TA Decision 78/2020 were published in the Official Gazette.


Entities and branches of foreign entities based in Oman will need to assess their classification under the CRS requirements to determine whether they are classified as RFIs and have reporting obligations under the CRS rules.

Individuals and entities not classified as RFIs should be prepared to provide the relevant documentation and self-certifications to RFIs to support their tax residency status.


For additional information with respect to this Alert, please contact the following:

Ernst & Young LLC, Muscat
Ernst & Young LLP (United States), Middle East Tax Desk, New York



The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.


Copyright © 2024, Ernst & Young LLP.


All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.


Any U.S. tax advice contained herein was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.


"EY" refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.


Privacy  |  Cookies  |  BCR  |  Legal  |  Global Code of Conduct Opt out of all email from EY Global Limited.


Cookie Settings

This site uses cookies to provide you with a personalized browsing experience and allows us to understand more about you. More information on the cookies we use can be found here. By clicking 'Yes, I accept' you agree and consent to our use of cookies. More information on what these cookies are and how we use them, including how you can manage them, is outlined in our Privacy Notice. Please note that your decision to decline the use of cookies is limited to this site only, and not in relation to other EY sites or Please refer to the privacy notice/policy on these sites for more information.

Yes, I accept         Find out more