The government of Oman is reported to be considering the creation of a new tax law designed to consolidate the legislation currently in place.
Speaking to the Times of Oman earlier this week, an unnamed source explained that:
"The key objective, indeed, will be to strengthen the tax system. The proposed new tax law is crucial in view of the ongoing economic liberalisation and structural reforms. The impact of globalisation on the domestic economy also demands tax reforms."
The authorities in Oman have already made significant changes to the tax regime in order to meet the terms of the country's commitment to the World Trade Organisation.
The planned legislation is expected to simplify tax procedures and ensure that there are no problems in relation to the implementation of measures such as the uniform 12% tax for all companies registered in Oman, and the tax exemption for mutual funds, and on investment sale profits.
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