Dubai: Oman and India have decided to amend the agreement on avoidance of double taxation and prevention of fiscal evasion related to taxes on income. The updated protocol seeks to ‘enhance bilateral tax cooperation and strengthen economic relations’.

“The protocol improves the flow and provides more context,” according to Nasser bin Khamis Al Jashmi, Chairman of Oman’s Tax Authority.

India and Oman are close to finalising an economic partnership agreement to increase bilateral trade and investments. The agreement would benefit Indian exports, including textiles and pharmaceuticals, by eliminating duties. Improved direct shipping links were also discussed to reduce trade costs and enhance economic ties.

In a statement issued earlier, Amit Narang, India’s Ambassador to Oman, said discussions for the proposed free trade agreement between the two countries are at an advanced stage.

Bilateral trade for the financial year 2023-24 amounted to $8.947 billion, compared to $12.388 billion in 2022-23.

Oman is home to over 6,000 India-Oman joint ventures, with an estimated investment exceeding $7.5 billion. The cumulative FDI equity inflow from Oman to India between April 2000 and June 2024 stands at $597.14 million.