Oman: 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
See MoreOman – No New Taxes In 2015 Budget
In the budget for 2015, all income from the projects taxes and fees will increase by 28.5% and there was a discussion for introducing possible new taxes or increased tax rates. However neither issue was proposed in the
See MoreOman calls for forceful implementation of International Financial Reporting Standards (IFRS)
Recently, financial report by Middle East official was setting out principles on the significant developments and key changes to keep up with the standards of International Financial Reporting Standards (IFRS). The importance of capitalizing on the
See MoreJapan: Details of the Japan and Oman DTT Agreement available Now
Japan and Oman Income Tax Treaty (2014) has been signed on 9 January 2014 and details of the treaty available now. The treaty generally follows the OECD Model (2010). The maximum rates of withholding tax are: 10% on dividends (5% if the
See MoreOman – Spain DTA
Oman and Spain signed a double taxation agreement (DTA) on April 30, 2014. No further details of this agreement are currently
See MoreOman and Spain sign DTA
The double taxation agreement (DTA) signed between Oman and Spain was submitted to the Economic and Financial Committee of Oman's lower house of parliament on February 11,
See MoreJapan-Oman: Sign DTA
Japan has signed a Double Taxation Agreement (DTAA) with Oman on 09 January 2014. The agreement provides a 10% withholding rate on dividends (5% with a 10% shareholding), interest and royalties in the source
See MoreOman: Tax remittances
Oman government shall impose tax on the remittances sent by foreign workers to their home countries. This is advised by the economic and financial committee of Oman. In order to ease growing pressure on the state budget, two percent tax is to be
See MoreOman: Clarification of tax rules
The Oman government has clarified that the tax rules in Oman require the following: Within three months from the date of incorporation or commencement of activities, taxpayers must be registered with the Omani tax authorities and if there is any
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