The State Council of Oman approved the proposed changes to the Income Tax Law, Foreign Capital Investment and Insurance Companies Laws for immediate implementation by Royal Decree, on 12 January 2016.
The Chairman of the Economic Committee said that the Committee agreed with the government and Majlis Al Shura, the lower house, on increasing the income tax rate from 12 to 15 percent of the taxable income of any Omani company or establishment or business for any tax year.
The Committee believes that this rate should include all business entities without any exception or preferential treatment as this will ensure fair treatment for everyone.
The proposed changes are expected to come into force, effective for tax year 2016, starting 1 January 2016, after pronouncement by Royal Decree and publication in the Official Gazette as law.
