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Oman; Portugal: Convention to Avoid Double Taxation Signed

(May 7, 2015) The Portuguese Secretary of State for Fiscal Affairs, Paulo Nuncio, and the Ambassador of the Sultanate of Oman in Portugal, Humaid Al Maani, recently signed a convention to avoid double taxation and fiscal evasion in connection with income taxes of the residents of Portugal and Oman. (Portugal e Oman Assinam Convenção para Evitar Dupla Tributação, Governo de Portugal, Ministério das Finanças website (Apr. 28, 2015).)

The purpose of the convention is to strengthen the economic relations between the two countries and to contribute to creating a more stable and transparent fiscal framework for investors of both states. Furthermore, it is expected that the convention will have a positive influence on the development of the capital flows and commercial activities of Portuguese and Oman companies. (Id.)