On 23 December 2015, Oman's Consultative Assembly (lower house of the Council of Oman) reportedly approved changes to the country's tax rates and other measures. The main changes include: An increase in the standard corporate tax rate from 12% to 15%; The extension of the 55% rate for income from oil sales to income from liquid natural gas sales; The removal of the exemption for taxable income of OMR 30,000 (~USD 78,000) or less; and The removal of the tax exemptions for certain business activities/sectors. The proposed changes must be passed by the Council of State (upper house) and published...