Wednesday, May 20, 2015

Overseas Dividends: Supreme Court Perspective

The Supreme Court is the highest Court within the hierarchy of Courts in Oman. A judgment/decision issued by the Supreme Court is supposed to act as a precedent for all the lower Courts and Government authorities as the judgments issued by the Supreme Court are final and non-appealable. Thus, an issue which has been adjudged upon by the Supreme Court should become a binding precedent to be applied in all future cases pertaining to a similar issue.


Despite two judgments of the Supreme Court in 2012 on the issue of non-taxability of overseas dividends under the Omani Income Tax Law promulgated by Royal Decree 47 of 1981 as amended (the “Income Tax Law”), the Omani Tax Department continues to currently try to impose tax on overseas dividends received by companies from its investments out of Oman, referable to the tax years up to and including 2009.


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Monday, May 18, 2015

Desalination Facilities of a Special Nature: Expansion of the Electricity Sector Law's Regulator Regime

The Law for the Regulation and Privatisation of the Electricity and Related Water Sector promulgated by Sultani Decree 78 of 2004 as amended (the “Sector Law”) originally provided the statutory and regulatory framework for the electricity and “related water” sector in Oman. “Related water” referred only to water desalination projects which were combined with, or co-located on the same site as, power generation. This meant that “unrelated” water desalination projects (i.e. desalination projects which were not combined with, or located on the same site as, electricity generation) were not subject to the Sector Law.


However, on 1 October 2013, an amendment to the Sector Law promulgated by Sultani Decree 47 of 2013 (the “Amendment”) was published which provided that unrelated water desalination projects which were designated “desalination facilities of a special nature” would be subject to the Sector Law.

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Thursday, May 14, 2015

Curtis Oman is delighted to announce the promotion of Simon Ward to Partner

Simon Ward is a highly experienced litigator in the Oman and Middle Eastern markets. He joined the firm as Counsel in 2011 and has swiftly become an integral part of the team, advising clients across a wide range of sectors, including construction, commercial, environment, employment and regulatory.


Simon's promotion is both well-deserved and a reflection of Curtis' robust positioning in the Middle Eastern legal market. Please join me in wishing him warm congratulations.


- Bruce B. Palmer, Managing Partner, Curtis Middle East



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Wednesday, May 13, 2015

Takaful in Oman

Introduction


‘Takaful’ is an Arabic word which means ‘mutual or joint responsibility’. Accordingly, takaful insurance works as mutual or co-operative insurance, whereby participants contribute – by way of ‘tabarru’ (donation) - a certain sum of money to a common pool.


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Tuesday, April 28, 2015

Hotel Development in Oman

With its beaches, mountains, wadis and deserts, Oman is a popular tourism location. Given Oman’s charm and huge tourism potential, Oman is experiencing an uptick in the number of hotel developments.


Oman is perceived mainly as a high-end, luxury tourist destination. As a result, most hotel developments tend to be in the four star or five star categories.


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Thursday, April 23, 2015

Managing Contract Risk - Preparing for the Worst

In this fifth and final part of our ‘managing contract risk’ series we consider contractually minimizing risks for when things go wrong or, making sure to be in the best position in case the contract cannot be performed.


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Monday, April 13, 2015

Management of a Joint Stock Company

As a director, you will gain status and have a direct impact on the policy and strategy of a business. It is important to understand and comprehend the role and responsibility this position demands. This article sets out the scope of authority and duties of the board of directors (the “Board”) as well as outlines some procedural requirements that are required by Omani law such as appointment of directors and their liabilities in joint stock companies.


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Thursday, April 2, 2015

Annual General Meetings: Procedure and Compliance

Every joint stock company or limited liability company registered with the Ministry of Commerce and Industry (“MOCI”) in Oman is required to hold Annual General Meetings (“AGMs”) in compliance with the requirements provided under the Commercial Companies Law of Oman (“CCL”).


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Monday, March 30, 2015

Legal Updates

Introduction of the Unified Driving Licence


The unified driving licence was recently introduced across the Gulf Cooperation Council countries. The Royal Oman Police confirmed Oman will implement the unified driving licence in the Sultanate of Oman from 1 January 2015.


There has been no change to the process and procedures of obtaining a driving licence in Oman. The only change has been to the actual licence itself which now includes the GCC logo.


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Monday, March 23, 2015

Developing and Implementing Risk Mitigation Strategies

In this penultimate installment of our managing contract risk series we explore how best to develop and implement risk mitigation strategies when entering into and performing procurement contracts.

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