Tax
From The Report: Oman 2017
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This chapter contains an overview of the tax framework in which local and foreign investors operate, including a rundown of the expected changes to corporate tax rates, a look at the incentives on offer in the special economic zones and a glance ahead at plans for the proposed GCC-wide value-added tax. This chapter contains an interview with Omar Al Sharif, Country Senior Partner Oman, PwC

Articles from this Chapter

Overview

Paying dues: A taxation framework accounts for diverse corporate structures
OBG
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A range of tax regulations exists in Oman and varies according to organisational type and provenance. Corporate Structure Foreign companies and individual investors may establish operations in the sultanate in one of the following forms: Limited liability company (LLC): Foreign companies and individuals are generally required to have an Omani partner with a minimum 30% shareholding in order to form an LLC. Minimum share capital of OR150,000 ($390,000) is required to register an LLC with foreign…

Overview

Paying dues: A taxation framework accounts for diverse corporate structures
OBG
plus

A range of tax regulations exists in Oman and varies according to organisational type and provenance. Corporate Structure Foreign companies and individual investors may establish operations in the sultanate in one of the following forms: Limited liability company (LLC): Foreign companies and individuals are generally required to have an Omani partner with a minimum 30% shareholding in order to form an LLC. Minimum share capital of OR150,000 ($390,000) is required to register an LLC with foreign…

Analysis

Add it to the bill: New taxation schemes would affect businesses and consumers
OBG
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Decreased revenue flows from oil and gas exports are prompting GCC states to look to diversify their economies and income streams and to consider other forms of taxation with increasing urgency. Oman’s tax authorities are focusing on increasing their tax revenues, and may be seen to be applying the current tax legislation more rigorously than in previous years. There has been much speculation regarding the new taxes that the Omani authorities may seek to introduce in the future, such as a tax…

Analysis

Add it to the bill: New taxation schemes would affect businesses and consumers
OBG
plus

Decreased revenue flows from oil and gas exports are prompting GCC states to look to diversify their economies and income streams and to consider other forms of taxation with increasing urgency. Oman’s tax authorities are focusing on increasing their tax revenues, and may be seen to be applying the current tax legislation more rigorously than in previous years. There has been much speculation regarding the new taxes that the Omani authorities may seek to introduce in the future, such as a tax…

Interview

Policies to be proud of: Omar Al Sharif, Country Senior Partner Oman, PwC, on the sultanate’s economic diversification efforts
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Interview: Omar Al Sharif What benefits have come out of the national economic diversification programme, Tanfeedh? OMAR AL SHARIF: The public and private sectors have worked in partnership, particularly during the second phase of the Tanfeedh programme, where six weeks of intensive lab-style workshop sessions were held. These led to the identification of 121 projects and initiatives, all linked to five main sectors. These comprise three diversification sectors (manufacturing, tourism and logistics)…