VOL. XL

No. 31

4-August-1997

OMAN

Omani Tax Law Revamped

The Omani Government has further raised the threshold at which companies are deemed tobe foreign entities and therefore subject to a much higher rate of taxation. Foreignersmay now own up to 90% of a joint stock company before the higher rate of taxation ofbetween 5 and 50% kicks in. Providing foreigners own less than 90%, the company will besubject to the same rate of tax as a wholly-owned Omani entity - between 5 and 7.5% oftaxable...