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Capital Market Authority suspends 10% tax on company stock profits

Capital Market Authority suspends 10% tax on company stock profits

Muscat: The Capital Market Authority has suspended the implementation of an income tax on company profits and stocks to help business owners and promote investment.

Abdullah Al Salmi, the CEO of the CMA, said that the suspension began on 6 May, 2019 and will continue for three years, adding: “This decision is an effective step towards increasing incentives for more direct and indirect investments in Oman, and to turn the Sultanate into an attractive hub for investments and a strong securities market.”

He added that the changes were made after confirmation from His Majesty Sultan Qaboos bin Said, and that the move reinforces His Majesty’s desire to have a suitable business environment that draws investment into Oman.

The 10 per cent tax was part of Royal Decree 9/2017, under the income tax law, and affects the income from profit distribution and stock ownership in companies.