China And Oman Sign Double Tax Treaty

by Mary Swire, Tax-News.com, Hong Kong

27 March 2002

It was announced on Monday that during a four day visit designed to increase economic cooperation between the two countries, China has signed a double tax treaty with the Gulf state of Oman.

According to reports the agreement, which was one of a number signed during the Chinese delegation's stay, will give equal tax status to both Omani and Chinese companies, and will influence the inter-country tax treatment of profits and interest. It will also ensure that airlines and shipping companies based in the two regions will be taxed in their home country in order to boost traffic.

Speaking after the talks, Ahmed bin Abdulnabi Macki, the Omani Minister of National Economy, revealed that the two countries are keen to promote strong economic links in an increasingly globalised era.

The comparatively recent accession of both Oman and China to the World Trade Organisation has created new investment climates at both ends, which need to be exploited in a mutually beneficial way, according to the Economy Minister. Members of the 70-strong Chinese delegation expressed similar sentiments.

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