On 26 May 2016, both houses of the Council of Oman reportedly approved the extension of the 55% corporate rate for income from oil sales (exploration and production) to income from liquid natural gas sales, and the introduction of an increased rate of 35% for companies engaged in related oil and gas activities and mining activities. The new rates are expected to apply from 1 January 2016, but will not enter into force until enacted by royal decree. Oman's standard corporate tax rate is 12%, although an approved increase to 15% is pending enactment ({News-2016-01-15/A/3- previous coverage}).