Income tax has been raised from 12 to 15 per cent and previously exempt small firms and industries must now pay tax too, the Ministry of Finance has announced. A flat rate of three per cent has been introduced by the ministry on all companies under the current tax exemption threshold of OMR30,000 per annum. Mining, private schools, hotels, universities and nurseries will no longer be exempt from tax, the latest Royal Decree has ordered. The announcement, published via the government’s news agency, states that the amendments introduced to the Income Tax Law issued by the Royal Decree No.9/2017 on February 19 aim at addressing the hindrances and challenges that faced the application of the existing tax system. (Times of Oman) Our view: We already accounted for a tax rate of 15% starting from 2017, hence this will not have any impact on our estimates.
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