Al Elsa LLC Company operates business in Sultanate of Oman and has registered with Muscat Securities Market. According to the Income Tax Act RD No 9/2017 of Chapter IV, Article (112) the establishment must pay Capital gain tax of 15%. The firm had disposed-off the following assets during the year ending 31st December 2019. Permanent Buildings A building was purchased for Omani Rial 250,000 on 30th June 2013. It has been sold for Omani Rial 315,000. First Class Buildings This building was sold for Omani Rial 99,000. The building had been purchased on 01st January 2018 for Omani Rial 75,000. Aircraft Aircraft was sold for Omani Rial 38,000. It had been purchased for Omani Rial 59,000 on 1st July 2013.

Equipment The equipment was sold for Omani Rial 64,000. The equipment had been purchased for Omani Rial 120,000 on 1st July 2016.

Furniture The furniture was sold for Omani Rial 10,000. The furniture had been purchased for Omani Rial 37,000 on 1st January 2018. Required: a. As a qualified accountant, calculate capital gains tax payable by Al Elsa LLC for the year ended 31st December 2019. b. Discuss and elaborate on the provisions concerning to the disposal of capital assets according to Sultanate of Omans Income Tax Law.

1. You are required to calculate the capital gain tax payable by considering the depreciation rates given for each asset in the table provided in Annexure as Depreciation rates applicable. 2. Write a discussion on capital gain tax provisions which are available in Income Tax of Sultanate of Oman.