Oman approves implementation of VAT Tushar Agarwal October 21, 2020 After the issuance of Royal Decree No. 121/2020, Sultanate Of Oman published its VAT Law in the Official Gazette on 18 October 2020 (“VAT Law”). VAT will be imposed in the Sultanate Of Oman at the standard rate of 5% in line with the GCC … Read more
Cabinet Resolution No. (58) of 2020 regulating Beneficial Owner Procedures (the “Resolution”) came into effect on 28 August 2020 and replaced Cabinet Resolution No. 34 of 2020 issued earlier this year. The Resolution introduced new requirements for entities to disclose their beneficial owners. The purpose of the regulations is to enhance the transparency of entities registered in the UAE, as well as to combat terrorism financing and targeting the real persons behind money laundering.
