Japan’s Ministry of Finance has announced that the “Agreement between the Government of Japan and the Government of the Sultanate of Oman for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income,” signed January 9, will enter into force on September 1.
The agreement reduces withholding tax on dividends to 5 percent where there is an ownership interest of at least 10 percent of the voting power by a corporate shareholder, and to 10 percent in other cases; reduces withholding tax on interest 10 percent (or to zero in the case of a governmental institution), and reduces withholding tax on royalties to 10 percent.
The treaty also provides for exchange of tax information and mutual agreement procedures, and includes measures to prevent abusive use of the treaty. Mutual notifications necessary for the entry into force of the agreement were completed on August 17.
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