Oman has started implementation of the new tax regime which applies 12 per cent tax on all to all companies incorporated in Oman, irrespective of the nationality of the shareholders, Kuwait News Agency (KUNA) reported Tuesday.
“The new law supports the Sultanate's aspirations to attract foreign companies to the Omani market, encourage competition, establish the principles of tax equity, efficiency, and transparency,” Kuna quoted Saud bin Nasser Al-Shukaili, the Secretary General of Taxation at the Omani Finance Ministry.
Oman’s the tax revenues for 2009 increased to 300 million Omani Riyals (OMR) compared to OMR 236 million in 2008. According to Al Shukaili the new tax law conforms with requirements of the present stage after Oman's signing on the Free Trade Agreement with the United States and Oman's membership in the World Trade Organization Agreement.
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