Tuesday, November 5, 2019

In the Pipeline - October 2019

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.