Article 37

For the purpose of this Law, the following shall be deemed to be income:

1. An amount received in any tax year, in pursuance of a contract of insurance concluded in favour of the taxpayer against the risks of non-realization of profits, as compensation for damage or non-realization of profits, shall be regarded as a profit from the business in that tax year or in the last tax year in which the business was carried on, whichever of the 2 years is earlier;

2. An amount received in any tax year, against a recovery or waiver of the whole or part of an amount previously deducted when the taxable income was determined for any tax year, like costs, loss, bad debt, or expenses for any liabilities, shall be regarded as profits from business in that tax year or in the last tax year in which the business was carried on, whichever of the 2 years is earlier;

3. The amount of any balancing charge computed for any tax year under Chapter 3 of this Part, shall be regarded as profits from business for that tax year;

4. Profits or gains from disposal of any asset, including disposal of the goodwill, trade name, or trademark with respect to the business or part of it;

5. Any income accruing to a taxpayer from transactions made before the date of commencement of its business shall be regarded as income accruing on that date;

6. Any income accruing to any Omani company (other than a joint venture) from transactions made before its incorporation or registration shall be regarded as income accruing on the date of its incorporation or registration.