01 June 2016 Oman Joint Council of Parliament approves corporate tax increases on LNG, petrochemical and mining companies In its 2016 Budget, the Oman Government proposed a number of spending cut measures and increases in corporate tax to alleviate an expected OMR3.3 billion budget deficit for 2016. The proposed changes have to be ratified by Royal Decree to come into force. The effective date is uncertain; though there is a possibility that it will be effective for tax year 2016, starting January 1, 2016. The position will be clarified when the Royal Decree ratifying the law is issued. Document ID: 2016-0947 |
