Part 3 - Chargeability to Tax
Chapter 3 - Depreciation of Capital Assets
Section 5 - Provisions Concerning Transfer of Ownership of Assets Following the Transfer of Business
Article 95
[GTL Notes: Conditions for Tax-Neutral Transfer of Business Assets]
The provisions of this Section shall apply to cases where after this Law comes into force, the business of an establishment is transferred to an Omani company in consideration for shares in that company offered to the owner of the establishment, and accordingly transferred to the company the ownership of any capital asset used for the business of the establishment that was previously subjected to the provisions of depreciation.
The implementation of this Article requires that the ownership of all the assets falling within any pools of assets is fully transferred to the company.