Oman’s State’s Council approved an Income Tax Law, Insurance Companies Law and Foreign Capital Investment Law on Tuesday. The Economic Committee at the State’s Council has decided to levy a 15% tax on all the corporates annual income without any exception or discrimination. Previously, Oman’s corporate tax rate stood at 12%, but was only applied to businesses earning over OMR30,000. The proposal of levying taxes will be forwarded to the Council of Ministers, the cabinet that is led by Sultan Qaboos Bin Saeed for review and approval. (Gulf News)
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