The Tax Authority Announces New Amendments to Automatic Exchange of Financial Information Rules to Enhance International Transparency

In an effort to bolster the efficiency of the tax system and align with international transparency standards, the Tax Authority has issued Decision No. (388/2025) to amend certain provisions of Decision No. (78/2020) regarding the Automatic Exchange of Financial Account Information (AEOI). This amendment aims to improve the quality of exchanged financial data and ensure compliance with the highest global tax requirements.

The Tax Authority emphasized that these amendments are designed to provide a more detailed and accurate database of financial accounts and their holders. Furthermore, they seek to streamline the flow of information between financial institutions and the Tax Authority, thereby strengthening the Sultanate of Oman’s standing in international transparency indices related to tax information exchange and combating the tax evasion.

The amendments involve the inclusion of additional requirements that financial institutions shall disclose them, most notably:    

• Self-Submission of returns: Ensuring the submission of a valid and certified self-return for every account holder and every "Controlling Person" of an account.
• Role Identification: Determining the capacity under which a controlling person or an equity holder in an investment entity is considered a "Reportable Person".
•  Account Classification: Obligating the identification of account type (Pre-existing vs. New) and specifying if an account is joint, including the number of joint holders. 
• Transparency in investment entities: Defining the roles and shares under which an owner of capital or equity in investment entities is considered a reportable person.

The new decision will take effect on 1^st January, 2026. Consequently, 2027 will be the first year for submitting the reports according to the amended rules, and they must be submitted by 30^th May, 2027.