The municipal fee on all tenancy agreements has been increased from 3% to 5% with effect from February 1. After receiving the consent of the Ministry of Finance on January 7 in this regard, Muscat Municipality issued a decision on January 28 asking landlords of residential, commercial and industrial buildings to pay 5% of the lease value as fee. The move was in the offing as part of measures announced by the Ministry of Finance in the 2016 State Budget to shore up non-oil revenues. The fee had been fixed at 3% on all lease contracts since 1998. This rate now stands amended. (Muscat Daily)
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