Magazine date:
Dec 2015 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.