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.
Promotions and Promotional Offers are governed and regulated by Ministerial Decision No 239 of 2013 (“MD 239/13”) of the Ministry of Commerce and Industry (“MOCI”).
According to MD 239/13 Promotional Offer is defined as “any scheme that provides offers that promote a specific commodity or service during a specific time in return for giving the consumer a prize, gift, service or any other benefit”.
When drafting commercial contracts, one must be particularly careful in ensuring that all legal and commercial terms are unambiguous and carefully constructed. This is especially true for dispute resolution clauses. This article explores common issues that arise from poorly constructed dispute resolution clauses, and suggests tips on how to ensure that these clauses are succinctly drafted.
The Dodd Frank Wall Street Reform and Consumer Protection Act (the “Dodd Frank Act” or the “Act”) became law on July 21, 2010. Whilst the Dodd Frank Act has established a comprehensive reform of the United States (“US”) financial regulatory system, and has made changes to most of the financial industry, the focus of this article is based on the Act’s effect on swaps. In particular, this article addresses the requirement that certain swaps need to be cleared through clearing houses (“clearing requirements”).
In July, Oman’s Commercial Agencies Law (“CAL”) was amended by virtue of a new law, Royal Decree 34/14.
It is one of the most significant changes in Omani law in recent times.
We are pleased to announce that Florian A. Maier-Leonhardt is joining the Muscat office in September as a counsel in the Corporate and Commercial team. Florian is a German attorney-at-law, admitted to the Munich Bar Association. He has lived and worked as a corporate and commercial lawyer in the UAE and the Sultanate of Oman since 2006. Prior to joining Curtis, Florian was working with an international law firm in Abu Dhabi and a local law firm in Muscat.
Royal Decree 34 of 2014: Amending some provisions of the Commercial Agencies Law
The Commercial Agencies Law promulgated by Royal Decree 26 of 1977 (as amended) deals with the relationship between a manufacturer or supplier (the “Principal”) with no legal existence in Oman and a company or merchant in Oman (the “Agent”) who enter into an agreement. The agreement would permit the Agent to sell, promote or distribute the goods, products or services of the Principal. The latest set of amendments to the Commercial Agencies Law is Royal Decree 34 of 2014 (the “RD”) effective from July 21, 2014.
On May 29, 2014, one of the largest producers of steel nails requested that the US Department of Commerce (“Commerce”) and the International Trade Commission (“ITC”) impose antidumping and countervailing duties (“CVD”) on imports of steel nails from seven countries, including Oman. This trade case comes two years after Commerce imposed antidumping duties on imports of steel nails from the United Arab Emirates and five years after such duties were imposed on steel nail imports from China. US manufacturer Mid-Continent Steel and Wire Inc. (“Mid-Continent”) filed a CVD and antidumping petition (the “Petition”) alleging that unfairly traded imports from the seven countries are materially injuring the US industry. The ITC on July 11, 2014 rendered an affirmative preliminary injury determination in relation to this trade case. Accordingly, such an affirmative determination means that this trade case will now pass to Commerce for an investigation as to whether or not the Omani Government has bestowed countervailing subsidies to Omani exporters.
The Central Bank of Oman (“CBO”) has introduced the latest set of global regulatory standards known as Basel III to Omani banks. Basel III is a global, voluntary regulatory set of standards governing bank capital adequacy, stress testing and market liquidity risk. This third installment of the Basel Accord was developed in response to the deficiencies in financial regulation revealed in the aftermath of the global financial crisis in the late 2000s.
Oman has in recent years made a concerted effort to provide comprehensive laws for the protection of intellectual property. This is demonstrated by the Industrial Property Law promulgated by Royal Decree 67 of 2008 (as amended by Royal Decree 131 of 2008) (the “IPL”). The IPL repealed Royal Decree 38 of 2000 and includes measures to protect owners of trademarks, patents and topography as well as measures to protect against unlawful competition. In addition, the Law for the Protection of Copyright and Neighbouring Rights (the “Copyright Law”) promulgated by Royal Decree 65 of 2008 was established to protect creative works of literature, arts and science and repealed Royal Decree 37 of 2000. This article provides a brief overview of the essential elements of both the IPL, specifically concerning trademarks, and the Copyright Law, as well as the penalties for non-compliance.
Simon Ward, Managing Partner
Dominic Pilkington, Partner
Bruce Palmer, Counsel
Curtis, Mallet-Prevost, Colt & Mosle LLP
Qurum Plaza
108 Al Wallaj Street
P.O. Box 1803; PC 114
Muscat, Sultanate of Oman
Tel: +968 2465 2600 or +968 2456 4495
