[World Tax News] OECD Framework | Oman Tax Incentives | Taiwan Foreign Tax Credit Update

Editorial Team – [2025] 179 taxmann.com 468 (Article)

World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week:

1. OECD releases framework for automatic exchange of information on immovable property

The OECD has released a report outlining a Framework for the Automatic Exchange of Readily Available Information on Immovable Property, developed at the request of the South African G20 Presidency.

The framework, which is voluntary, aims to enhance tax transparency on immovable property through automatic information exchange between jurisdictions. Its objective is to enable tax administrations to obtain relevant data to verify whether the funds used to acquire immovable property have been duly declared and appropriately taxed.

Source – Framework

2. Oman suspends withholding tax on services for omani-flagged ships

The Oman Tax Authority has announced the introduction of tax incentives for ships registered under the Omani flag, including the suspension of withholding tax on service contracts provided on board such vessels for a period of five (5) years, effective from 1 September 2025.

Objective of the Measure

The suspension aims to:

• Encourage the registration of ships under the Omani flag;
• Support the maritime transport sector and national maritime services; and
• Promote investment in the maritime transport industry.

Definition of Ships Registered under the Omani Flag

Ships that have acquired Omani nationality are duly registered with the competent authority in the Sultanate of Oman and fly the national flag of Oman.

Scope of Tax Suspension

The suspension applies to withholding tax on service contracts rendered on board ships registered under the Omani flag.

Duration of the Suspension

The suspension shall apply for a period of five years, commencing on 1st September 2025 and ending on 31st August 2030.

Procedure to Avail the Tax Facility

Taxpayers wishing to benefit from this incentive must submit an application to the Tax Authority, accompanied by the information prescribed in Form No. (18) of Income Tax for Withholding Tax. The form must specify the tax due on the total amount of services provided on board ships registered under the Omani flag.

The application is to be submitted no later than the 14th day of the month following the month in which the payment was made or credited to the account, whichever occurs earlier.

Source – Oman Tax Status

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