Despite a fall in the international price of oil in the run-up to its launch, the government’s 2015 budget is based around a 4% increase in government spending (on budgeted as opposed to actual expenditures in 2014), to OR14.1bn ($36.5bn). The budget, which forecasts government revenues to stand more or less unchanged on 2014 figures at OR11....
What do you see as the most significant impact over the coming years of the introduction of Basel III regulations in Oman?
The 1996 Basic Statute of the State (also referred to as the Basic Law) sets out the legal structure of Oman and the functions of the executive and the judiciary, as well as citizens’ personal liberties and public obligations. It provides that Oman’s basic principles include free market economics, cooperation between the public and private...
The new Competition Protection and Monopoly Prevention Law (the Competition Law), which was published in December by Sultani Decree No. 67 of 2014, raises important compliance issues for companies doing business in Oman.
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. The Oman tax authorities are focusing on increasing their tax revenues, and may be seen to be applying the current tax legislation more rigorously...
A range of tax regulations exists in Oman and varies according to organisational type and provenance.
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