Monday, September 29, 2014

Legal Updates - September 29, 2014

Oman and Japan: Double Tax Treaty

Royal Decree 23/14 has ratified the convention between the governments of the Sultanate of Oman and Japan as on page 2 on the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income (the “Convention”). The Convention was signed earlier in the year on January 9, 2014.

It is anticipated that the ratification shall improve the economic relationship between Japan and the Sultanate.

Royal Decree No 38/14 issuing the Omani Nationality Law

Royal Decree 38/14 sets out the requirements of who will be considered an Omani and also sets out the procedural requirements for applying to become an Omani national. Royal Decree 38/14 was promulgated on August 12, 2014 but shall be effective six months post the date of publication. In next month’s edition we will provide an overview of these changes.

Royal Decree No 39/14 amending some provisions of the Insurance Companies Law

The Insurance Companies Law promulgated by Royal Decree 12/79 (as amended) has been further amended pursuant to Royal Decree 39/14. There have been amendments to Article 2(1)A, Article 3(2)B, Article 7 and Article 56. The Royal Decree was effective from August 13, 2014. In next month’s newsletter we will provide an overview of these changes.