Oman’s government has announced on 8 December 2024 that it signed an income tax treaty with Cyprus.
The agreement was signed on behalf of the Government of Oman by Nasser Khamis Al Jashmi, Chairman of the Tax Authority, while it was signed on behalf of the Government of Cyprus by Andreas Kakouris, Permanent Secretary of the Ministry of Foreign Affairs of Cyprus.
The agreement is the first between the two jurisdictions and seeks to eliminate double taxation and prevent financial evasion between the two countries.
The agreement also aims to encourage investments, enhance economic relations between the two countries, and boost the economic reputation of Oman. Furthermore, the agreement provides legal protection for investors, to spare them the imposition of double taxes. It also regulates the mechanisms of tax application.
The treaty will take effect once the instruments of ratification have been exchanged.
