His Majesty issues two Royal Decrees
Muscat: His Majesty Sultan Qaboos Bin Said today issued two Royal Decrees as follows:
Royal Decree No. 30/2015 establishes Oman Governance and Sustainability Centre and promulgates its bylaw.
Article (1) states that a centre to be named “Oman Governance and Sustainability Centre” shall be set up and affiliated to the Capital Market Authority, and that the system attached to this decree shall be applied to the Centre.
Article (2) stipulates that the Centre shall have a legal identity, enjoy financial and administrative autonomy and empowered to own fixed and moveable funds, manage them and expend them. The Centre shall be based in the Governorate of Muscat and it may have branches in other governorates.
Article (3) states that all allocations and assets of Oman Corporate Governance Centre at the Capital Market Authority shall be transferred to Oman Governance and Sustainability Centre, and so shall all employees of Oman Corporate Governance Centre. The functionality of this transfer shall be in accordance with the mechanism agreed by the Chief Executive Officer of the Capital Market Authority and the Executive Manager of the centre.
Article (4) Chairman of the Board of Directors of Oman Governance and Sustainability Centre shall issue the decisions and bylaws necessary for the implementation of provisions of the attached system after the approval of the Centre’s board of directors. Till such a time, the Centre shall be governed by the laws, systems and bylaws applicable to the Capital Market Authority, unless stated otherwise in the system attached to this decree and without prejudice to its provisions.
Article (5) states that all that contradicts or contravenes with this Decree or the attached system shall be deemed null and void.
Article (6) states that this decree shall be published in the official gazette and shall be enforced on the day following its date of publishing.
Royal Decree No. 31/2015 ratifies an agreement between the Sultanate of Oman and the Swiss Federal Council on avoidance of double taxation for income tax.
Article (1) ratifies the Agreement on Avoidance of Double Taxation for Income Tax signed by the Sultanate of Oman and the Swiss Federal Council in Soja, Switzerland, on May 22, 2015.
Article (2) states that this decree shall be published in the official gazette and enforced on its date of issue.