Economy Oman imposes 15% tax on multinationals By Pramod Kumar January 2, 2025, 7:57 AM Oman News Agency Sultan Haitham bin Tariq has authorised the new top-up tax in Oman Corporate tax to rise UAE plans increase Bahrain introduces DMTT Oman will impose a minimum top-up tax (DMTT) of 15 percent on multinational companies from January 1, according to a royal decree published by the Oman News Agency. The tax will apply to multinationals with consolidated annual revenue of OR300 million ($779.2 million), a tax official told the Reuters news agency. Last month the UAE’s finance ministry said it would increase corporate tax on large multi-national enterprises to 15 percent from January 1, from the current 9 percent of their profits in the Emirates. Oman plans funds to enhance stock exchange liquidity Kuwait to impose 15% tax on multi-national companies More taxes could shield GCC from protectionism, says IMF The UAE’s DMTT will apply to multinational enterprises with consolidated global revenues of $793 million or more in at least two of the four financial years immediately preceding the financial year in which the tax applies. Bahrain said in September that it would also introduce DMTT from January 1, 2025, on large multi-nationals. However, Oman decided to put its plan to introduce personal income tax for high earners on hold following a meeting of the sultanate’s State Council last month. Under the initial draft bill, first introduced in 2022, foreign nationals in Oman who earn over $100,000 would be taxed between 5 and 9 percent from 2026. Omani citizens would be taxed 5 percent on global income exceeding $1 million.
Energy Acwa Power joins China’s renewable energy surge Saudi renewables major Acwa Power has struck joint ventures with Chinese companies to launch two renewable energy projects worth $312 million in China. The company, which trades on the Saudi Exchange (Tadawul), started due diligence on up to eight projects in China, CEO Marco Arcelli said last May. Acwa Power will develop a 132-megawatt (MW) solar photovoltaic […] 4 hours ago
Oil & Gas Iraq, Halliburton near deal to up oilfield output by 500% Iraq is close to finalising a development deal with Halliburton, a US oil services provider, to expand the capacity of its Nahr Bin Omar oilfield by 500 percent, a news report said. The oil ministry and Halliburton are expected to sign a confidentiality agreement in the coming days, Bassem Abdul Karim, director general of state-owned […] 2 hours ago
Real Estate Dubai’s Emaar confirms talks to sell stake in Indian unit Emaar Properties, Dubai’s largest developer, has confirmed talks with companies in India, including Adani Group, for a possible stake sale in its Indian subsidiary. The valuation and other terms of a potential transaction are not finalised, the developer said in a Dubai bourse filing on Thursday. The clarification followed a news article by Mint, an […] 1 hour ago
Finance Bahrain’s Investcorp agrees to buy Italy’s Epipoli Bahrain’s Investcorp has finalised a deal to acquire Epipoli, an Italian alternative payments company. The asset will be purchased from London-headquartered private equity Bregal Milestone and Epipoli founder and CEO Gaetano Giannetto. Giannetto will continue to hold a significant minority stake and lead the company. No terms of the transaction were disclosed. Epipoli owns the […] 39 mins ago
