Muscat: His Majesty Sultan Haitham bin Tarik has enacted two significant Royal decrees, marking pivotal developments in Oman's legislative framework. According to Oman News Agency, the first, Royal Decree No. (59/2024), introduces a new system for signing the state's contracts and financial obligations. This decree mandates the application of provisions attached to it, effectively nullifying Royal Decree No. 48/76, which previously governed foreign and domestic financial transactions. The decree also revokes any conflicting regulations, ensuring the new system's supremacy. It will be published in the Official Gazette and will take effect 30 days thereafter. The second decree, Royal Decree No. (60/2024), ratifies an agreement between Oman and Ireland focused on avoiding double taxation on income and preventing tax evasion. This bilateral agreement, initially signed in Muscat on May 30, 2024, aims to enhance economic cooperation between the two nations. The decree stipulates that it will be published in the O fficial Gazette and will become effective immediately upon its issuance.
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