We, Qaboos bin Said, the Sultan of Oman
after perusal of the Law Governing the Administrative Apparatus of the State issued by Royal Decree 26/75 and Decree 13/76 amending it,
and the Income Tax Decree of 1971 and its interpretation by Decree 21/75,
and in pursuance of public interest,
have decreed as follows
Article 1
With effect from the tax years whose balance sheets are closed on a date subsequent to the entry into force of this decree, income tax on mixed companies in which Omani citizens own a share in their capital is hereby determined in accordance with the following rates and conditions:
(a) 15% for companies in which Omani citizens own 51% or more of the paid-up capital.
(b) 20% for companies in which Omani citizens own between 35% and 51% of the paid-up capital.
(c) The tax rates specified in the two mentioned paragraphs apply only to the amount exceeding twenty thousand Rial Omani of the annual taxable profits, without prejudice to the other obligations of the mentioned companies in accordance with the provisions of the Income Tax decree of 1971.
Article 2
This decree must be published in the Official Gazette, and comes into force on the date of its publication.
Issued on: 12 Shawwal 1397
Corresponding to: 26 September 1977
Qaboos bin Said
Sultan of Oman
Published in Official Gazette 134 issued on 1 October 1977.