Oman amends companies law

Article Abstract:

Oman has amended its Commercial Companies Law as of Feb 17, 1996. The nominal value of each share in joint stock companies will be fixed at RO 1, while before it could be anywhere between RO1 and RO5. This variation caused the public to be confused about the profitability of shares on the Muscat Securities Market. The amendments also included a prohibition of joint ownership of a share except in the case of inheritance and new requirements for subscriptions for increases of capital.

Economic policy, Corporation law, Securities law

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Oman amends tax laws

Article Abstract:

Two Sultani decrees amending Oman's tax laws which became effective in October, 1996 are aimed at promoting foreign investment in the country. One decree provides new tax exemptions for foreign companies doing business in Oman and for Oman-registered companies engaged in both domestic an foreign operations. The other decree provides new sources of taxable income but contains amendments with special reduced tax rates for Oman's mixed domestic and foreign companies.

Tax Law, Public Finance Activities, Tax policy

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Oman reforms its judicial system: new commercial court law

Article Abstract:

Oman's new Commercial Court Law, created by Sultani Decree 13/97, takes effect on July 1, 1997. On that date the Authority for the Settlement of Commercial Disputes (ASCD) will be replaced by a new commercial court that will need 18 judges and assistant judges to operate at full capacity. The new court's makeup, jurisdiction and powers are described.

Courts, Judicial Administration, Laws, regulations and rules, Powers and duties, Judicial process, Commercial courts

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