Oman will implement a minimum top-up tax (DMTT) of 15% on multinational enterprises operating in the country, starting in January, the sultanate's state news agency reported on Tuesday, citing a royal decree.
The move comes after several Gulf countries, including the United Arab Emirates and Kuwait, imposed a similar tax © Mena Today
Oman will implement a minimum top-up tax (DMTT) of 15% on multinational enterprises operating in the country, starting in January, the sultanate's state news agency reported on Tuesday, citing a royal decree.
The DMTT comes under the Organisation for Economic Co-operation and Development’s Two-Pillar Solution, which stipulates that large multinational enterprises must pay a minimum effective tax rate of 15% on profits in each country where they operate.
It will apply to multinational companies with consolidated annual revenue of 300 million Omani rials (750 million euros), an official in Oman's Tax Authority told the state news agency.
The move comes after several Gulf countries, including the United Arab Emirates and Kuwait, imposed a similar tax on large multinational companies operating in the country from January.
Reporting by Menna Alaa
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