Oman’s Consultative Assembly has Approved Proposed Tax Rate Changes and Other Measures

On 23 December 2015, Oman's Consultative Assembly (lower house of the Council of Oman) reportedly approved changes to the country's tax rates and other measures. The main changes include:

• An increase in the standard corporate tax rate from 12% to 15%;
• The extension of the 55% rate for income from oil sales to income from liquid natural gas sales;
• The removal of the exemption for taxable income of OMR 30,000 (~USD 78,000) or less; and
• The removal of the tax exemptions for certain business act…