Times of Oman
Dec 01, 2015 LAST UPDATED AT 11:51 AM GMT
No plan to tax cash remitted by expats in Oman
July 18, 2014 | 12:00 AM
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Muscat: There is no proposal by the Oman government to levy tax on the remittances of expatriates, said a source at the Ministry of Commerce and Industry as such tax is likely to have potentially negative effects.

The imposition of tax on remittances to meet the budget deficit was made by the financial committee of the Majlis Al Shura but Darwish bin Isma'eel Al Balushi, Minister Responsible for Financial Affairs, had said it was unlikely to be introduced by the government. Subsequently, no decision was taken on the issue.

A recent report by the Central Bank of Oman (CBO) has showed 12.6 per cent growth in remittances from the Sultanate due to the rise in the number of workers.

Commenting on the nation's five-year plan, Dr Ali bin Masoud Al Sunaidy, Minister of Commerce and Industry, said it will be increasingly ambitious, as it includes mega projects, such as the new airport, Oman Exhibition Centre, the railway, and other infrastructure projects.

With regard to the development and consolidation of the relationship between enterprises and workers, Al Sunaidy said that this relationship needs to be reviewed, calling upon business owners to provide more incentives and services for workers.

Al Sunaidy added that there is an Omani company that plans to allocate five per cent of its shares at Muscat Capital Market to its workers, as an incentive to strengthen the relationship between the company and workers.

Further, Al Sunaidy called workers an important pillar in the success of any business, saying workers must be involved in many areas of a business, and workers should be briefed on developments, updates and profits the company earns.

Al Sunaidy's comments came during a Ramadan night event for Oman Chamber of Commerce and Industry members, which was hosted by the minister.

He added that senior management should be developed to plan strategies and be well-versed in reading the new markets and global developments, which must be appreciated by those in senior management.

He also stressed the importance of rotating management positions to assure the greatest benefits in the commercial sector. The discussion with the businessmen and entrepreneurs included a review of the difficulties they faced and the correct solutions needed, as well as creating an improved workplace atmosphere to assure increased productivity. 

Meanwhile, OCCI Chairman Said Al Kiyoumi said that OCCI is now preparing for a large conference next September  to create a dialogue between companies, its workers and labour unions.

To get in touch with the reporter  fahad@timesofoman.com

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