ROP detains two for violating public morals in video clips
Launched on October 10, 2009, Muscat Daily is now the largest selling broadsheet newspaper in the Sultanate of Oman with 33,500 daily copies and 28,000 subscribers.. Muscat Daily provides unrivalled national news coverage from Oman, the region and internationally.
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Times of Oman
5 hours ago
- Times of Oman
G7 back new 'side-by-side' tax proposal exempting American, UK firms from global tax rules
New Delhi: US-parented companies will be exempted from certain elements of an existing global tax agreement according to a statement released by the Group of Seven countires which detailed the new proposal signed by the United States and its G7 partners. The agreement will see US companies benefit from a "side-by-side" solution under which they will only be taxed at home, on both domestic and foreign profits, the G-7 said, in a statement released by Canada, which holds the group's rotating presidency. Earlier this year the US Secretary of the Treasury outlined the United States' concerns regarding the Pillar 2 rules agreed by the OECD/G20 Inclusive Framework on BEPS and set out a proposed 'side-by-side' solution under which US parented groups would be exempt from the Income Inclusion Rule (IIR) and Undertaxed Profits Rule (UTPR) in recognition of the existing US minimum tax rules to which they are subject. The side-by-side system could "provide greater stability and certainty in the international tax system moving forward, including a constructive dialogue on the taxation of the digital economy and on preserving the tax sovereignty of all countries, the statement read. The US Treasury Department noted that with Section 899 removed from the Senate version of the bill, there is now a shared understanding that the side-by-side system could help maintain progress made by jurisdictions within the Inclusive Framework in combating base erosion and profit shifting. "Following the removal of section 899 from the Senate version of the One, Big, Beautiful Bill, and consideration of the success of Qualified Domestic Minimum Top-up Tax implementation and its impact - there is a shared understanding that a side-by-side system could preserve important gains made by jurisdictions inside the Inclusive Framework in tackling base erosion and profit shifting and provide greater stability and certainty in the international tax system moving forward, the G7 announced. We look forward to discussing and developing this understanding within the Inclusive Framework," the Treasury said in a post on X. The removal of Section 899 has also been welcomed by the United Kingdom. British businesses, which had recently voiced concerns about potentially facing higher taxes due to the measure, will no longer be subject to those risks. G7 officials echoed the importance of collaboration, expressing their commitment to pursuing a solution that is "acceptable and implementable to all." Earlier this year, through an executive order, Donald Trump declared that the 2021 global corporate minimum tax agreement--negotiated by the Biden administration and supported by nearly 140 countries--would not apply in the United States. He also threatened to impose a retaliatory tax on nations implementing the global tax rules against US firms, a move viewed as harmful to many foreign companies operating within the US.
Times of Oman
5 hours ago
- Times of Oman
India's forex reserves dip by $1.02 billion to $697.93 billion
Mumbai: India's foreign exchange reserves (forex) declined by $1.02 billion this week after extending gains in the previous week stabilising at $697.93 billion, official data released by the Reserve Bank of India showed. The Forex extended their gains, jumping USD 2.294 billion to USD 698.950 billion in the week ending June 13. As on June 20, the data shows that the foreign currency assets declined USD 0.36 billion to USD 589.07 billion. Gold reserves were down by USD 5.73 million to stand at USD 85.74 billion during the week, the apex bank's data shows while the The special drawing rights were down USD 85 million to USD 18.67 billion. Central banks worldwide increasingly accumulating safe-haven gold in their foreign exchange reserves kitty, and India is no exception. The share of gold maintained by the Reserve Bank of India (RBI) in its foreign exchange reserves has almost doubled since 2021, till recently. In 2023, India added around USD 58 billion to its foreign exchange reserves, contrasting with a cumulative decline of USD 71 billion in 2022. In 2024, the reserves rose by a little over USD 20 billion. India's foreign exchange reserves (Forex) are sufficient to meet 11 months of the country's imports and about 96 per cent of external debt, said Governor Sanjay Malhotra while announcing the outcome of the Monetary Policy Committee (MPC) decisions. The RBI governor expressed confidence, stating that India's external sector is resilient and key external sector vulnerability indicators are improving. Foreign exchange reserves, or FX reserves, are assets held by a nation's central bank or monetary authority, primarily in reserve currencies such as the US Dollar, with smaller portions in the Euro, Japanese Yen, and Pound Sterling. The RBI often intervenes by managing liquidity, including selling dollars, to prevent steep Rupee depreciation. The RBI strategically buys dollars when the Rupee is strong and sells when it weakens.
Times of Oman
6 hours ago
- Times of Oman
Indian Embassy to open 11 new visa centres across Oman
Muscat: The Embassy of India in Muscat is set to transition its consular, passport, and visa services to a new service provider, SGIVS Global Services LLC, starting 1st July 2025. In the initial phase, all services will be delivered from the Embassy premises located on Jami'at Al-Dowal Al-Arabiya Street in the Diplomatic Area of Al Khuwair. As part of the new service framework, SGIVS Global Services will establish 11 dedicated application centres across Oman, aimed at enhancing accessibility for the Indian community and other applicants. These centres, scheduled to be fully operational by 15th August 2025, will be located in Muscat, Salalah, Sohar, Ibri, Sur, Nizwa, Duqm, Ibra, Khasab, Buraimi, and Barka. In a public advisory, the Embassy stated: 'From 1st July 2025, Consular Passport and Visa Services will be provided through a new service provider, SGIVS Global LLC. During the transition phase, services will be provided at the Embassy initially and 11 new dedicated centres across Oman will open by 15th August, 2025. Applicants are advised to plan accordingly and follow official updates.' The Embassy also cautioned that minor service disruptions may occur during the transition and thanked the public for their patience and cooperation.
