We, Qaboos bin Said, the Sultan of Oman
after perusal of the Basic Statute of the State issued by Royal Decree 101/96,
the Commercial Companies Law 4/74 and its amendments,
the Corporate Income Tax Law issued by Royal Decree 47/81 and its amendments,
and the Capital Market Law issued by Royal Decree 80/98 and its amendments,
and in pursuance of public interest,
have decreed as follows
Article I
Every public joint stock company whose capital is not less than five million Rial Omani and which is established from the merger of two or more securities brokerage firms existing on the date of entry into force of this decree and registered in accordance with the provisions of the mentioned Capital Market Law is hereby exempted from corporate income tax.
Article II
The exemption stipulated in article I of this decree applies for a period of five years starting from the date on which the merger decision becomes effective in application of the provisions of the mentioned Commercial Companies Law.
Article III
The minister supervising the Ministry of Finance—after coordination with the Minister of Commerce and Industry—shall issue the necessary regulations and decisions to implement the provisions of this decree.
Article IV
All that is contrary to this decree is hereby repealed.
Article V
This decree must be published in the Official Gazette, and comes into force on the date of its publication.
Issued on: 11 Shawwal 1425
Corresponding to: 24 November 2004
Qaboos bin Said
Sultan of Oman
Published in Official Gazette 780 issued on 1 December 2004.