Income tax, insurance laws discussed by Oman's State Council panel

Muscat: Majlis Al Shura’s recommendations on some of the provisions of the Income Tax Law issued by Royal Decree No. projects (28/2009), the Foreign Capital Investment Law issued by Royal Decree No. (102/94), and the Insurance Companies Law issued by Royal Decree No. (12/79) referred by the Council of Ministers, as a prelude to submitting the State Council’s Economic Committee report on these laws to the Office of the Council, were discussed on Sunday. The committee discussed the provisions to be amended in these laws, which represent the most important supporting laws for investment and source for income of the non-oil sectors so as to enhance efforts for economic diversification. The committee held its third meeting of the first annual sitting of the sixth term, chaired by Sheikh Mohammed bin Abdullah Al Harthy, Head of the Committee. Eng. Hilal bin Mohammed Al Busaidi, CEO of the Public Authority for Mining (PAM) was invited for the meeting. He threw light on the procedures followed by PAM to regulate the mining sector and answered questions posed by members of committee. The committee also discussed the topics on the agenda, approved the minutes of its previous meeting, and reviewed the procedures for the implementation of previous decisions.