- AMJ on Oman Tax Law at MABC seminar
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AMJ’s Anthony Watson was a guest speaker at a tax seminar organised by the Muscat American Business Council on April 17.
A joint presentation by Anthony, a senior associate in AMJ’s commercial law practice, and Philip Bond of KPMG, highlighted key corporate tax law issues such as withholding tax, exemptions, foreign capital investment rules and the Oman-US Free Trade Agreement for an audience of experts and businessmen.
A hot topic on the sidelines of the seminar was the need to amend the Oman tax laws to reflect new Islamic banking requirements. Oman’s Islamic banks, Bank Nizwa and Izz Bank as well as the Islamic banking windows introduced by many other banks, are pressing for Sharia-compliant protocols to govern the tax returns they are required to file by the end of 2013. Also of interest to the business community is the introduction of value-add tax ‘VAT’ in the GCC tentatively slated for 2015-6.