Tax
From The Report: Oman 2013
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With assistance from Abu Timam Grant Thornton, this chapter provides an outline of the new tax regulations issued at the start of 2012, as well as rules for the establishment of foreign companies in Oman. Information is provided about tax rates, filing requirements, deductable expenses and more.
The chapter also includes a viewpoint with Nasser Said Al Mughairy, Managing Partner at Abu Timam Grant Thornton.

Articles from this Chapter

Overview

Clear guidelines: New tax regulations were issued at the start of 2012
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Foreign firms and individual investors can set up business in Oman using one of the following forms: Limited Liability Company Foreign companies and individuals are required to have a local partner with 30% minimum shareholding to form a limited liability company (LLC) in Oman. GCC companies that are 100% owned by GCC nations and GCC nationals themselves can set up companies without requiring a local partner for approved activities. Minimum share capital of OR150,000 ($390,908) is required to register…

Viewpoint

Nasser Said Al Mughairy, Managing Partner, Abu Timam Grant Thornton, on fostering new businesses
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Small and medium-sized enterprises (SMEs) are the backbone of most global economies. Although the exact parameters vary by country, SMEs are non-subsidiary, independent firms, which employ fewer than a given number of employees. Under the EU definition, an SME is considered as an enterprise with up to 250 employees and turnover of no more than €50m or a total balance sheet of no more than €43m. The World Bank, the United Nations, and the World Trade Organisation all have varying definitions of…