ARTICLE · 10 MARCH 2017

Oman's New Tax Law

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Oman's latest Royal Decree introduces sweeping amendments to the Income Tax Law of 2009 and was formally published on 26 February 2017.

OmanTax

Abdelrahman Elnafie

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Oman's latest Royal Decree introduces sweeping amendments to the Income Tax Law of 2009 and was formally published on 26 February 2017.

Whilst the full text of Royal Decree 09/2017 (the Amendment) is being reviewed in more detail, here are a few details we are able to share in relation to key provisions:

Corporation tax – the impact

The Amendment increases the standard corporation tax from 12 per cent to 15 per cent.
The minimum tax-free threshold of OMR 30,000 has been scrapped.

Rather surprisingly, these provisions will be applied retrospectively as of 1 January 2017, suggesting that the government may have been trying to publish the Amendment prior to the start of 2017.

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