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As a tax consultant, Check and Comment whether the following independent cases are according to the Omani Tax Law or not. If not, Explain the
As a tax consultant, Check and Comment whether the following independent cases are according to the Omani Tax Law or not. If not, Explain the a) Correct action or regulation and b) the legal consequences of not following the regulations (if any). A. National Company ends its financial year on December 31, 2020. The company prepared its provisional tax return and submitted the return on May 1, 2021. On May 25, 2021, the company discovered an error on its tax return and resubmitted the return on June 30, 2021. (2.25 marks) B. National Company submitted its tax return to the Tax Authority mid-2020. The Tax Authority discovered some missing information and contacted the CFO of National Company to submit the information. The CFO did not submit the information to the Tax Authority. (1.25 marks) C. National Company produces and sells furniture. It started its operations on January 2017. The company reported a taxable income of OMR 750,000 in the year 2022. National's accountant prepared a tax form with OMR O tax due. (2.75 marks) D. National Company received its tax assessment for the year 2019 on January 1, 2021. The company disagrees with the assessment and filed an objection to the Tax Authority on March 1, 2021. The Head of Tax Authority should decide on this objection by the end of December 31, 2021. (1.75 marks)
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