Oman’s Islamic banking and finance industry may be the youngest in the GCC, but it has exhibited tremendous growth potential and an impressive track record.

Oman’s tax landscape is changing rapidly. In 2019, excise tax was implemented in Oman.

The Central Bank of Oman (the “CBO”) issued the Financial Consumer Protection Regulatory Framework (“FCPRF”) for licensed banks and finance and leasing companies (the “Licensed Entities”) in December 2021 which covers all products and services offered by Licensed Entities to individual consumers and small and medium enterprises.

A framework for carrying out Public private partnership deals in Oman was promulgated through Royal Decree 52 of 2019, the law on partnerships between the public and private sectors (“PPP law”). The PPP law came into force on 1 July 2019 and is still in the initial stages of practical application. It should also be read together with the Executive Regulations of the law on partnerships between the public and private sectors, which came into...

The COVID-19 pandemic has catalysed diversification throughout the GCC on an unprecedented scale. This is an extremely welcome development. Indeed, COVID-19 has exposed the region’s digital laggards, prompting governments to place digitalisation at the core of their national strategies as a means of survival.

The KSA Zakat, Tax and Customs Authority has on 2 July 2021 issued an immediately effective new decision No. 3852 (the “Decision”) setting new customs regulations. The Decision relates to GCC countries only.

Oman’s Ministry of Commerce, Industry and Investment Promotion has issued Ministerial Resolution Number 18 of 2021, the executive regulations of the Law on Protection of Competition and Prevention of Monopoly (‘Regulations’) that supplement Royal Decree Number 67 of 2014 (‘Competition Law’). The Regulations, which took effect on 25 January 2020, clarify the interpretation of the Competition Law of Oman.

Following the issuance of Royal Decree No. 121/2020, Oman published its new VAT Law in the Official Gazette on 18 October 2020 (“Oman VAT Law”). VAT will be imposed in Oman at the standard rate of 5% in accordance with the unified GCC VAT Agreement effective from 16 April 2021, making Oman the fourth GCC country to implement VAT after the United Arab Emirates (“UAE”), Kingdom of Saudi Arabia (“KSA”) and Bahrain.

Starting from July 9 and at least until July 14, entry into Italy from one of the following countries is absolutely not allowed: Armenia, Bahrain, Bangladesh, Brazil, Bosnia and Herzegovina, Chile, Kuwait, North Macedonia, Moldova, Oman, Panama, Peru, Dominican Republic. Individuals who have travelled or stayed in one of these countries in the 14 days preceding the intended entry date in Italy are banned from entering the country.

The key structural highlight of the FCIL is the recognition that foreign investors may wholly own investment projects in Oman. An investment project is defined as “an economic activity established by a foreign investor, whether individually or together with an Omani partner”.