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FOUR-PAGE SPECIAL SUPPLEMENT WITH THIS EDITION
FROM THE WORDS OF HIS MAJESTY THE SULTAN
Before The Third Session of The Council of Oman, 2003
‘His Majesty’s Wisdom’ Mankind will only enjoy happiness and a sense of security if there is justice and respect for all those things which guarantee human beings their legitimate rights. First and foremost of these is their right to honour, dignity and freedom from humiliation, and their right to liberty and independence.
WEDNESDAY, December 23, 2015 / 11 Rabi Al Awal 1437 AH timesofoman.com
JA PA N
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HM sends greetings
S TAT E M E N T
‘Oil sector job cuts being looked into’ ELHAM POURMOHAMMADI
elham@timesofoman.com MUSCAT: Termination of contracts or the ending of services in the oil and gas sector is being looked into by the government, although actual figures are lower than reported, said a senior official on Tuesday. “The number is much smaller than originally reported in social media,” Salim bin Nasser Al Aufi, undersecretary at the Ministry of Oil and Gas, told reporters on the sidelines of an event held at the ministry to announce the launch of the first made-inOman wireline unit. >A6
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by the State Council. Certain companies depending on their activities, sector and revenue, which have been given relaxation, will also have to pay the tax.
REFORMS: New measures aim to regulate real-estate sector.
Real estate bosses told to form association
Majlis Al Shura votes for a slew of additional taxes to boost coffers and
TARIQ AL HAREMI
tariqh@timesofoman.com MUSCAT: As part of the reforms aimed at regulating the realestate sector, realty owners have been ordered to form an ‘association,’ according to newly proposed regulatory mechanisms. Developers, companies and owners of real-estate will have to follow the Royal Decree 48/89 which, “promulgates apartments and levels ownership act” and will have to form an owners’ association immediately through the ministry’s electronic system, which will be announced in the coming period and will be activated on August 1, 2016. Saleem Al Balushi, assistant director general of the Direc-
torate General of Real Estate Development at the Ministry of Housing, confirmed that for the first stage, they are pursuing for a set of regulatory procedures in the real-estate unit management in Muscat. It includes apartments, complexes and shops that are subject to the Royal Decree 48/89.
help meet revenue of falling oil prices
REJIMON K
reji@timesofoman.com Upcoming procedures Al Balushi said, “The upcoming procedures are designed to regulate real-estate properties by obliging owners to form associations for preserving the rights of all parties in the existence of shared ownership and to manage the property, including building parts intended for shared use among all owners.” >A6
12%
shortfall on account
MUSCAT: Majlis Al Shura voted for major tax reforms on Tuesday to fill the state’s coffers and meet the 2016 budget deficit. “We have voted yes for a 3 per cent increase in corporate income tax, removing the tax free ceiling of OMR30,000 for companies and bringing all companies under taxation regardless their
is the current corporate income tax for companies, which will become 15 if approved by the State Council
grade,” Tawfiq Al Lawati, a member of Majlis Al Shura’s economy committee, which has proposed the amendments, told the Times of Oman (TOO). The current corporate income tax for companies, which is 12 per cent, will become 15 if approved
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Shura votes ‘yes’ for a 3pc hike in income taxes
R E A LT Y O W N E R S
MUSCAT: His Majesty Sultan Qaboos bin Said has sent a cable of greetings to Emperor Akihito of Japan on his birthday. In his cable, His Majesty the Sultan expressed his sincere greetings along with his best wishes of good health, happiness and a long life to Emperor Akihito and the people of Japan further progress and prosperity. -ONA
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OMAN
REGION
MARKET
Registrations of vehicles decrease
Iraq’s armed forces storm into Ramadi
Oman’s oil output to drop in 2016
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The Sultanate’s oil production is expected to drop slightly next year, according to a senior official, who said the Sultanate is ready to support the oil group Organisation of Petroleum Exporting Countries (Opec) in cutting production if it sees ‘credible’ actions first. >BI
There was a 26.6 per cent drop in the registration of vehicles over the January-November period from 130,157 in 2014 year to 95,540 this year. The decline in new registrations was most prominent among private vehicles and taxis, motorbikes and tractors. >A6
Iraq’s armed forces stormed the centre of Ramadi on Tuesday in a drive to dislodge IS militants from their remaining stronghold in a city they captured in May. The operation to recapture Ramadi, west of Baghdad, began in early November. >A7
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Tax for LNG companies “We have also voted to increase taxation for the oil and gas industry-based companies from 12 per cent to 35 per cent, and increase the tax for Liquid Natural Gas (LNG) companies from 12 per cent to 55 per cent to bring it at par with oil companies. The oil companies are paying 55 per cent tax,” the Shura member added. During the Shura meeting, 76 per cent voted yes against 23 per cent voting no for tax reforms. “We won’t be able to totally resolve the financial crunch faced by the oil price dip with these tax reforms. However, these are the only measures which can be adopted first with less impact on citizens,” the Shura member added. Oman’s income has fallen by more than 60 per cent since June 2014 when it used to sell oil at $115 per barrel. >A6