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Oman - Overview and introduction

Tax TIES: Oman - Overview and introduction

Taxation of international executives

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Riyam Park Monument, Muscat, Oman

The Sultanate of Oman does not levy any taxes on personal income, including income from capital gains, wealth, death or property. Non-residents individuals (who do not fulfil tax residency conditions) who derive certain specified income are subject to withholding tax (‘WHT’) at the rate of 10 percent of gross income.

There are no foreign exchange restrictions or levies.

For the sake of completeness, it may be noted that tax in Oman is levied at 15 percent, on establishments, sole proprietorships, Omani companies and permanent establishment in Oman of foreign enterprises . Small taxpayers are entitled to a lower rate of tax at 3 percent/Nil subject to conditions. Companies engaged in petroleum operations are subject to tax at 55 percent, subject to any special tax considerations provided in the concession agreement.

The official currency of Oman is the Omani rial (OMR) and, approximately, OMR1 is equal to 2.60 US dollars (USD).

Disclaimer

All information contained in this publication is summarized by KPMG LLC, the Oman member firm affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity, based on the Income Tax Law and Executive Regulations as on 18 October 2020. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

© 2021 KPMG, an Oman member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( “KPMG International”) A Swiss entity. KPMG and the KPMG logo are registered trademarks of KPMG International.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

 

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