Tax Law amendment proposal for Islamic banks submitted
KPMG has submitted its recommendations for amending the country's tax law to the Ministry of Finance. The recommendations aim to ensure that Islamic financial institutions are on a level playing field with their conventional counterparts. According to Ashok Hariharan, partner and head of Tax for KPMG in Oman, the recommendations aim to ensure that Islamic financial institutions are put in neither an advantageous nor a disadvantageous position compared to its conventional peers. The recommendations of the international audit firm will circulate among different ministries and agencies to finalise the amendments. Apart from the Ministry of Finance, the Ministry of Legal Affairs Majlis A'Shura will also look into the KPMG report and put forward their recommendations. If everything goes well, the amendments will be announced sometime towards the end of the year.