Oman Daily Observer

THE new tax law includes specific anti avoidance provisions which address the complex and contentious area of tax avoidance. Tax evasion or outright tax fraud has always been illegal and rightly dealt with as a crime. Business transactions designed to reduce or “legally” avoid tax by taking advantage of tax loopholes have been an area of considerable contention in almost all tax jurisdictions around the world.

Whilst it is generally accepted that taxpayers have the right to plan their business and organise their tax affairs to ensure that they pay the right amount of tax (and do not pay more tax than they need to under the laws) it is increasingly considered inappropriate to undertake transactions that are specifically or merely designed to take advantage of the letter of the law if not the spirit of the law.

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This entry was posted on Tuesday, June 16th, 2009 at 1:51 pm and is filed under Issues in the News, Media, News.