Article 48 defines the start dates for accounting periods. For establishments, joint ventures, or permanent establishments, the first period begins on the date business activities commence. For other Omani companies, it begins on the date of legal registration. All subsequent accounting periods must begin on the day immediately following the end of the previous period. This ensures there are no gaps in the tax history of an entity from its inception until its cessation, providing a continuous timeline for income assessment and reporting.
Part 3 - Chargeability to Tax
Chapter 1 - Taxable Income and Taxpayers
Section 4 - Accounting Periods
Article 48
[GTL Notes: Commencement of Accounting Period]
The first accounting period for an establishment, an Omani joint venture or a permanent establishment shall begin on the date it commences to carry on business and, in respect of other Omani companies, shall begin from the date of registration pursuant to the Laws in force. The subsequent accounting periods shall begin in all cases from the day following the ending of the previous accounting period.
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