Oman has successfully stabilised public finances by implementing cost-saving measures and reforms while benefiting from higher oil prices. Additionally, the government is focusing on enhancing oversight and consolidating public sector entities to enhance efficiencies, improve the business environment and attract greater foreign direct investment over the long term. As a result, Oman’s sover
Prior to 1971 the Sharia Courts had jurisdiction over all civil and criminal matters, as well as personal status matters in the sultanate of Oman. However, after the succession of Sultan Qaboos bin Said Al Said, the judicial system was reformed in the sultanate, and Sharia Courts currently only govern matters relating to family disputes and inheritance. The 1996 Basic Statute of the State…
Viewpoint:Ben Ewing The year 2019 saw several legislative changes in Oman aimed at encouraging business growth and diversification of the economy, which has so far relied heavily on the hydrocarbons industry. I would like to outline the major changes to the legal framework and the potential positive impact on Oman’s investment climate. One of the changes pertains to the new Commercial Companies…
Taxation in Oman is the responsibility of the Ministry of Finance (MoF) and the Secretariat General for Taxation. The framework is mainly governed by the following laws: • The Income Tax Law, promulgated by Royal Decree No. 28 of 2009, as amended, including by Royal Decree No. 9 of 2017; • The Commercial Companies Law, promulgated by Royal Decree No. 4 of 1974, as amended; • The Foreign…
Prior to 1971 the Sharia Courts had jurisdiction over all civil and criminal matters, as well as personal status matters in the sultanate of Oman. However, after the succession of Sultan Qaboos bin Said Al Said, the judicial system was reformed in the sultanate, and Sharia Courts currently only govern matters relating to family disputes and inheritance. The 1996 Basic Statute of the State reshaped…
While still largely dependent on oil and gas revenue, a strong commitment to diversification – beginning in earnest in 2014 – has seen Oman’s non-oil sector record an average real GDP growth rate of 7% since the turn of the century. The country’s strategic position near established global trade routes and a history of political neutrality is opening up opportunities for Oman in transport,
Viewpoint:Ben Ewing There have only been a few changes to the legal framework and tax in Oman in 2018. Some of the more noteworthy enactments have centred on the introduction of stricter penalties following the introduction of a new penal code and through existing competition and anti-monopoly laws, and consumer protection laws. These changes have placed greater pressure on businesses and employers…
Prior to 1971 the sharia courts had jurisdiction over all civil and criminal matters, as well as personal status affairs in the sultanate of Oman. However, following the succession of Sultan Qaboos bin Said Al Said, the judicial system was reformed and Sharia Courts now only govern matters related to family disputes and inheritance. The 1996 Basic Statute of the State – promulgated by Royal…
Taxation in Oman is the responsibility of the Ministry of Finance (MoF) and the Secretariat General for Taxation. The framework is mainly governed by the following laws: • The Income Tax Law, promulgated by Royal Decree No. 28 of 2009, as amended, including by Royal Decree No. 9 of 2017; • The Commercial Companies Law, promulgated by Royal Decree No. 4 of 1974, as amended; • The Foreign…
For now, however, income from oil and gas sales accounts for around 70% of total revenue. As such, firming oil prices since 2017 have led to an improved fiscal scenario, and the 2018 budget anticipated that oil and gas revenue would increase by 9%. Oman’s efforts to expand non-oil activity will continue into 2019 through the Tanfeedh initiative and new policies, such as those developing the fram