Oman signs MLI to implement tax treaty related BEPS measures
On 26 November 2019, Oman signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Oman also signed the Multilateral Convention on Mutual Administrative Assistance in Tax
See MoreUkraine: DTA signs with Oman
On 24 July 2019, the Cabinet of Ukraine authorized to sign a Double Taxation Agreement (DTA) with Oman. The agreement contains Dividends rate 5% for at least 20% capital holding; otherwise 10%, Interest rate 10%, and Royalties rate
See MoreOman introduces tax incentives for tourism investments
Recently, Oman has introduced a tax incentive for every new investor looking to build a tourism project in Musandam. According to the new regulation, investors are exempted from customs duties for building materials, tools and equipment
See MoreOman publishes E-filing guidelines
On 24 July 2018, the Secretariat General for Taxation (SGT) of Oman published two guides on the submission of the tax return on the SGT portal. The guides contain details of preparation and submission process of return form along with step-by-step
See MoreOman joins the inclusive framework on BEPS
On 20 October 2017, the Sultanate of Oman has become the 103rd jurisdiction to join the inclusive framework on Base Erosion and Profit Shifting (BEPS). Members of the inclusive framework have the opportunity to work together with other OECD and G20
See MoreLatvia and Oman sign a MOU on bilateral political consultations
On 18 September, during the 72nd session of the United Nations General Assembly in New York, the Minister of Foreign Affairs of Latvia, Mr. Edgars Rinkēvičs, met with Mr. Yusuf bin Alwi bin Abdullah, the Sultanate of Oman’s Minister
See MoreUK: Economic relationship with GCC through PPP
On 19 April 2017, Dr Liam Fox, the International Trade Secretary of UK opened the UK-GCC Public Private Partnership (PPP) conference to show how UK expertise can maximize the innovation of both public and private sectors to transform their
See MoreOman introduces special tax regime for small businesses
Royal Decree 9 of 26 February 2017 launched a number of key changes to the Income Tax Law issued by way of Royal Decree 28 of 2009, including a special regime for small businesses. The small business will be subject to income tax at a rate of 3%. A
See MoreOman: Treatment of withholding tax on dividends
On 20 March 2017, the Capital Market Authority of Oman issued Circular E/3/2017 clarifying the application of withholding tax on dividends recently introduced by way of Royal Decree 9 of 26 February 2017. The circular clarifies that the withholding
See MoreOman: Key changes to income tax law
On 26 February 2017, the Oman Government has passed a Royal Decree 9/2017 in the Official Gazette with a number of significant changes to Income Tax Law 2010. The major changes passed by the Royal Decree are following: An increase in the
See MoreOman: CIT rate may hike in 2017 Budget
On 1 January 2017, the Ministry of Finance of Oman issued a statement on the State’s General Budget for the Fiscal Year (FY) 2017. The budget sets forth prospects for revenue collection from tax and other similar sources. CIT laws are expected to
See MoreThe 9th Round of China-GCC FTA Negotiation Concluded
On December 19 to 21, the 9th Round of China-GCC Free Trade Agreement (FTA) negotiation was held in Riyadh, Saudi Arabia. Wang Shouwen, Vice Chinese Minister of Commerce and Al-Bazai, General Coordinator for GCC FTA Negotiations and the Vice
See MoreOman: Corporate tax rate to be increased for liquefied natural gas and mining companies
The State Council and the Shura Council on 26 May 2016 approved the increase of the corporate tax rate on liquefied natural gas (LNG) companies to 55%. The council also approved the increase of the corporate tax rate on petrochemical and mining
See MoreOman: The State Council approves corporate tax rate increase from 12% to 15%
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
See MoreOman: Lower house approves multiple changes to income tax law
On 23 December 2015, the lower house of the Council of Oman has approved a number of changes to Income Tax Law 2010, proposed by the Oman Government, for immediate implementation. The Government of Oman has not yet officially published
See MoreOman: IMF comments on economic and tax issues
The IMF has held consultations with Oman under Article IV of its articles of agreement and has issued a report on the discussions. Oman’s non-hydrocarbon growth rate was 6.5% in 2014 but is estimated to fall to 5% in 2015 and to 4.5% in later
See MoreDTA between Oman and Portugal signed
On 27 April 2015 Oman and Portugal signed an income tax treaty for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. No further details are currently
See MoreSpain: Cabinet Approves The Tax Treaty With Oman
The Cabinet has approved, on 27 February 2015, the signing "ad referendum" of the Convention between the Kingdom of Spain and the Sultanate of Oman to avoid double taxation and prevention of fiscal evasion with respect to taxes on income and
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