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Oman, UK ink avoidance of double taxation agreement

Global Arab Network - - Mohamed Tamer

Saturday, 05 December 2009 13:01

The governments of Sultanate and Britain signed at the British Treasury in London a protocol amending agreement on avoidance of double taxation and income tax evasion and capital profit between Sultanate and the UK in February 1998. The protocol was signed on behalf of the Sultanate"s government by Ahmed bin Abdulnabi Macki, National Economy Minister and Deputy Chairman of the Financial Affairs and Energy Resources Council, and by Steven Timms, Financial Secretary to the UK Treasury.

Macki stated that the protocol is part of enhancing economic and commercial relations between the Sultanate and the UK, who is a major economic partner with the Sultanate and are bound by historical relations in various spheres. “As per the protocol, Omani firms and establishments will be exempted from the UK tax being imposed on stakes" profits and returns other than fixed and tax-exempted money profits distributed by the investment companies,” Macki stated.

“The Government’s authorities and funds in the Sultanate are being exempted of the UK tax on the stakes" profits including the Pension Funds,” he added. He pointed out that Royal Decree No 28/2009 on Tax Law, to be enforced in 2010, will reduce the tax rates on foreign companies from 30 per cent to 12 per cent.

This will encourage increase in the volume of foreign investment in the Sultanate and trade exchange with different countries, he added. The signing ceremony was attended by Saud bin Nassir al Shikaily, Secretary-General of Taxation at the Finance Ministry, Shaikh AbdulAziz bin Abdullah al Hinai, Sultanate"s Ambassador to the UK and officials at the UK Treasury and Foreign Office.
(Omannet)

Global Arab Network

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Last Updated on Saturday, 05 December 2009 13:09

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