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.
The goals of Oman’s current long-term strategy, Vision 2020, are to support growth, diversify away from oil and gas, and create employment opportunities for Omanis. Attracting inward foreign investment is a major factor in achieving these goals. Oman’s current legislation on foreign investment (the Foreign Capital Investment Law, or FCIL) was...
In your opinion, what is the feasibility of introducing new taxes to the sultanate in order to strengthen the country’s fiscal position? How will this affect the region?
A range of tax regulations exists in Oman and varies according to organisational type and provenance.
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...
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