Three New Royal Decrees Issued on Taxation, OFID Agreement and Salt Extraction Concession
His Majesty Sultan Haitham bin Tarik has issued three Royal Decrees aimed at strengthening the legal framework and boosting economic development in Oman. The decrees include the Supplementary Tax Law for multinational entities, the ratification of the Framework…
His Majesty Sultan Haitham bin Tarik has issued three Royal Decrees aimed at strengthening the legal framework and boosting economic development in Oman. The decrees include the Supplementary Tax Law for multinational entities, the ratification of the Framework Agreement with the Opec Fund for International Development (OFID), and the endorsement of a concession agreement for salt extraction and processing with Naqa Salt Company. These initiatives focus on enhancing economic transparency, attracting investments, and supporting private sector activities.
📜 Royal Decree No. 70/2024
Promulgates the Supplementary Tax Law for entities affiliated with multinational groups, effective 1 January 2025.
- Executive regulations to follow.
- Conflicting laws will be repealed.
📜 Royal Decree No. 71/2024
Ratifies the Framework Agreement between Oman and OFID to support private sector operations, signed in Washington.
- Effective immediately.
📜 Royal Decree No. 72/2024
Endorses the concession agreement for sea salt extraction and processing with Naqa Salt Company for Area 51-K.
- Signed on 11 December 2024.
- Effective immediately.
Source:
This news was sourced from Times of Oman. For more details, access the link below.
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