Oman’s Government is planning to amend the existing tax legislation to accommodate Islamic finance create a level playing field with its conventional counterparts. KPMG are advising the Government on how best to amend the tax legislation to ensure that Islamic financial institutions are not disadvantaged compared with their conventional peers.
“In Islamic finance, the way transactions are entered into is very different. You buy an asset and sell the same (instead of giving a loan and paying interest in conventional finance)………………………………………..Full Article: Source