13 January 2016

Oman State Council imposes 15% corporate income tax for the year

The State Council of Oman has approved draft income tax laws for both foreign capital investment and insurance companies laws at its fourth sitting of the first annual session of the sixth term under the chair of Dr Yahya bin Mahfoudh al-Manthri, Chairman of the State Council, the Oman News Agency has reported.

The Chairman of the Economic Committee said that the Committee agreed with the government and Majlis A'Shura on increasing the income tax to 15% 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.

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