Oman Changes Income Tax Legislation
Following Royal Decree 26/99, new amendments to Omansbusiness income tax law have been introduced, according to the May edition ofTrowers & Hamlins Gulf Business Law Review. The new legislation isapplicable as follows:
100% Omani-Owned Companies: as previously, income is tax exempt up to OR30,000 ($77,922) Above this level, a single 12% rate is applicable.
Public Companies Listed on the MSM: companies listed on the MSM will...