Tax
From The Report: Oman 2018
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This chapter contains an outline of the tax framework within which local and international firms operate within Oman, including a look at the various models of business open to foreign investors and a breakdown of the new rules set out for Islamic financial transactions. This chapter contains an interview with Omar Al Sharif, Country Senior Partner Oman, PwC.

Articles from this Chapter

Overview

A round-up of the rules: General tax information for both companies and individuals
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If planning to establish business operations in Oman, foreign firms and individual investors may do so in one of the following forms: LIMITED LIABILITY COMPANY (LLC): Foreign companies and individuals are generally required to have an Omani partner who holds a minimum of 30% of shares in order to form an LLC. Minimum share capital of OR150,000 ($389,500) is required to register an LLC with foreign participation. GCC companies that are 100% owned by GCC nationals – or GCC nationals themselves,…

Interview

Level playing field: Omar Al Sharif, Country Senior Partner Oman, PwC, on recent reforms and their likely effects on taxpayers
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Interview:Omar Al Sharif Are companies ready to comply with tax reforms? How much more costly may compliance become? OMAR AL SHARIF: Most companies were unprepared for the tax reforms introduced in February 2017, especially the extension of withholding tax to dividends, interest and services. There is much greater awareness now, but many businesses still lack a basic understanding of withholding tax, and the in-house expertise and processes needed to manage it. We see a similar pattern emerging with the value-added tax (VAT). Many larger companies have begun preliminary impact assessment and systems development, but others continue to…