Income Tax Law changes applicable to companies only

Income Tax Law changes applicable to companies only

September 15, 2020 | 8:50 PM

by Times News Service

Muscat: The amended provisions of the Income Tax Law which were issued on 14 September by a Royal Decree signed by His Majesty Sultan Haitham Bin Tarik, are related to companies only.

Speaking to Times of Oman, a ministry official, describing the changes in the Income Tax Law, said, "This is a law that deals with tax on profit made by companies, and individuals, whether citizens or residents, have no involvement with it.“

"The executive regulations of the Income Tax Law have defined taxable persons as an institution, facility, Omani company, or stable establishment,“ he added.

"As long as these facilities have a commercial registry in the Sultanate, they are subject to the tax law,“ he said.