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Oman Legal Framework Sector Research Highlights

Oman Legal Framework Sector Research Highlights
Overview

By the numbers: The system continues to adjust to changes in the tax code
OBG
plus

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…

Overview

Regulatory changes increase attractiveness for foreign investment in Oman
OBG
plus

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, Partner, CMS Oman: Viewpoint
OBG
plus

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…
Chapter

The Report: Oman 2020: Legal Framework & Tax
OBG
plus

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…
Country Report

The Report: Oman 2020
OBG
plus

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, Partner, CMS: Viewpoint
OBG
plus

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…

Overview

Oman's legal system reforms over recent years
OBG
plus

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…

Overview

Summary of relevant laws and regulations for investors in Oman
OBG
plus

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…
Country Report

The Report: Oman 2019
OBG
plus

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
Chapter

The Report: Oman 2019: Legal Framework & Tax
OBG
plus

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 reshaped and codified the legal…

View More

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