Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves and a rapidly growing labor force, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization
Low oil prices continue to weigh on Oman’s economy and put further pressure on the public finances. The expected double-digit fiscal deficit of 2015 prompted authorities to introduce higher taxes and cuts to public spending in its 2016’s budget.
The Government has embarked on a policy of economic diversification with an emphasis on agriculture, fisheries, tourism, mining, light industry, and now, petrochemicals and other heavy industries.
A comprehensive profile of business in Oman
There are three ways to structure a new business in Oman. The most common is the limited liability company (LLC). Other possibilities are the free zone company or branch representative office
A consultants 12 steps to incorporating in Oman
The Corporate Tax Rate in Oman stands at 12 percent.
All companies registered in Oman are taxable on their income and this tax rate depends upon the legal status of the registered entity.
There are no personal taxes in Oman
Renewed efforts to improve broadband infrastructure in Oman. Internet access is mostly obtained via mobile broadband services in Oman