Singapore And Oman To Sign Double Taxation Agreement

by Lorys Charalambous, Tax-News.com, Cyprus

07 October 2003

According to a report in the Times of Oman, negotiations on a wide ranging and comprehensive double taxation agreement between Oman and Singapore are soon to be concluded.

For the Middle Eastern Sultanate, this is the latest in a string of double taxation agreements designed to boost trade and inward investment flows, including one recently signed with the Seychelles, and others recently concluded with Mauritius, the United Kingdom, France, Italy and Turkey.

Oil makes up a significant portion of the trade between the two states, and Oman exported 16 million barrels of crude to Singapore last year. Non-oil exports were valued at around $29 million. However, the Times revealed that Singapore is actively involved in IT projects in Oman as part of the government's 'Knowledge Oasis Muscat' scheme.

There have already been changes to Oman's company tax system to attract greater investment, and a uniform 12% tax rate is levied on profits above RO30,000 ($78,000) for all firms incorporated in the country.

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