Law
firms, audit firms and public joint stock companies have been invited to
comment on the draft of the Executive Regulations of the Commercial Companies
Law. The Capital Market Authority hopes
to collect feedback and comments on drafting regulations governing public joint
stock companies. All stakeholders have
been asked to provide their feedback to the Capital Market Authority prior to
31 October 2019.
Sultani
Decree 66/2019 establishes the “Tax Institution.” Article (1) sets up an institution to be
named “Tax Institution” that will have its own legal identity and will enjoy
financial and administrative autonomy. The
Tax Institution will report to (be affiliated with) the Council of Ministers.
Article
(3) transfers to the Tax Institution all the competences, powers, prerogatives,
allocations and assets of the Secretariat General of Taxation at the Ministry
of Finance.
Article
(4) transfers to the Tax Institution employees of the Secretariat General of
Taxation at the Ministry of Finance, along with their existing job statuses and
financial allocations.
Article
(5) states that the Head of the Tax Institution will be a member of the
Financial Affairs and Energy Resources Council.
Article
(6) provides that the phrases “Secretariat General of Taxation” and “Secretary
General of Taxation,” wherever they recur in current laws and Sultani Decrees,
will be replaced by “Tax Institution” and “Head of Tax Institution.”
The
Comprehensive Agreement for Established Friendship and Bilateral Cooperation
between the Government of the Sultanate of Oman and the Government of the
United Kingdom has been ratified by Sultani Decree 59/2019. The governments jointly wish to boost
communication and collaboration in several sectors including health, science,
innovation and technology. The Agreement
indicates both countries’ commitment to reinforcing a historic relationship.
Two
new Ministries have been established. The
Ministry of Technology and Communications has been established by Sultani
Decree 63/2019. All the powers, assets
and prerogatives of the Information Technology Authority; competences related
to telecom policies at the Ministry of Transport and Communication; and
competences of technology programs of the Technical Committee will be
transferred to the Ministry of Technology and Communications.
Please
contact us if you would like more detailed advice on the above.
