Muscat: On Tuesday, His Majesty Sultan Haitham bin Tarik issued three Royal decrees, which are detailed as follows:
Royal Decree No. 70/2024 introduces the Supplementary Tax Law applicable to entities associated with multinational groups.
Article (1) specifies that the “Supplementary Tax Law on entities affiliated to multinational groups,” which is attached to this decree, will come into effect.
Article (2) mandates that the Chairman of the Tax Authority shall develop the Executive Regulation of the law included in this decree, along with any necessary regulations and decisions for its implementation.
Article (3) nullifies any provisions that conflict with the law attached to this decree.
Article (4) states that this decree will be published in the Official Gazette and will take effect from 1 January 2025.
Royal Decree No. 71/2024 ratifies the Framework Agreement for the Establishment of Private Sector Operations between the Sultanate of Oman and the Opec Fund for International Development (OFID), which was signed in Washington DC on 23 October 2024.
Article (1) confirms the ratification of the aforementioned agreement in accordance with the attached version of this decree.
Article (2) indicates that this decree will be published in the Official Gazette and will take effect from the date of its issuance.
Royal Decree No. 72/2024 approves the concession agreement for the extraction and processing of sea salt between the Government of the Sultanate of Oman and Naqa Salt Company for Area No. (51-K), signed on 11 December 2024.
Article (1) approves the aforementioned concession agreement for the extraction and processing of sea salt.
Article (2) states that this decree will be published in the Official Gazette and will take effect from the date of its issuance.
