12% corporate tax in Oman

Oman has changed its corporate tax laws to woo foreign investors, in an attempt to diversify its economy beyond oil income, an official publication and analysts said yesterday.

"The new tax law has been made easy for foreign investors to allow them to retain a bigger share of their profit to encourage a bigger international participation to our economy," the official gazette said.

The new corporate tax rate is 12 per cent and applicable to all companies registered in Oman, owned by local or international firms. It will take effect from January 2010.