Increase in insurance tax

In order to compensate lower revenues generated by the fall in oil prices, the Omani authorities intend to introduce many taxes including those concerning the insurance sector. Thus, a 3% increase in the tax on insurance policies is added to the 1.6% already in force. All classes of business, except life and reinsurance, are concerned by this provision. The corporate tax increase from 12% to 15% is another change.