Oman and the United Kingdom on November 26, 2009, signed a protocol amending the bilateral double tax convention in place since February 1998.
The protocol was signed by Stephen Timms, Financial Secretary to the Treasury and Ahmed Abdulnabi Maki, Oman’s Economy Minister.
The new protocol removes the withholding tax on dividends (previously a maximum of 10%), removes the 15% percent rate for UK-REITs, and provides a withholding rate of 8% on royalties.
The agreement incorporates tax information exchange provisions in line with the OECD standard on transparency and tax information exchange.
The text of the Protocol will shortly be presented to the UK Parliament for approval.
The Protocol will enter into force once both countries have completed their legislative procedures.
It will have immediate effect from the date of entry into force except for taxes withheld at source, for which it will have effect in respect of amounts paid on or after January 1 in the following calendar year.
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