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A protocol to the double taxation agreement between the UK and Oman has been signed in London.
It updates the agreement by eliminating the withholding tax on dividends (previously a maximum of 10%), with a carve-out of 15% for UK real estate investment trusts, and by providing for a withholding tax rate of 8% on royalties.
The document also includes an assistance in collection article to reflect the modern Organisation for Economic Co-operation and Development approach.
The protocol will enter into force once both countries have completed their legislative procedures. It will have immediate effect from the date of entry into force except for taxes withheld at source, for which it will have effect in respect of amounts paid on or after 1 January in the following calendar year.
