For centuries, Oman has been engaged in overseas trading with its marine business vessels navigating across African, European and Asian shores.
The Value Added Tax (VAT), a consumption tax system has been enforced in Oman on Friday, the 16th April 2021 and the Sultanate has become the fourth country to join the other three GCC member states including the UAE, Saudi Arabia, and Bahrain to introduce this tax.
On 14th March 2021, the much-awaited Executive Regulations of Value Added Tax (VAT) was issued by the Head of Oman Tax Authority (OTA), His Excellency Saud bin Nasser Al Shukaili vide Ministerial Decision 53/2021.
The recent amendment in Oman's labor laws can be seen as a Government effort to reduce the rights gap between expatriates and locals and this amendment of Foreigners
The Omanis Ministry of Commerce and Industry, (MOCI) issued the Executive Regulations of the new FCIL in June 2020 which specified provisions relating registration of the foreign investment projects including benefits available to specified projects and land allocation for investment and business purposes and, an inspection of the projects by the Omani regulatory authorities.