Muscat Shipping 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 31^st December 2019.

Asset	Date of Purchase	Cost (Omani Rials)	Sale Proceeds (Omani Rials)
Furniture & Fixtures	01/09/2018	18,000	16,000
Motor vehicles	01/07/2017	15,500	8,000
Permanent Building	01/11/2010	1,400,000	1,350,000
Equipment & Tools	01/06/2018	150,000	140,000
Heavy equipment	01/09/2018	25,000	19,000

Required:

1. As a qualified accountant, calculate capital gains tax payable by Muscat Shipping LLC for the year ended 31st December 2019.
2. Discuss and elaborate on the provisions concerning to the disposal of capital assets according to Sultanate of Omans Income Tax Law.

APPENDIX 1: Depreciation rates applicable for Tax year 2019/2020.

Permanent Buildings	4%
First Class buildings	5%
Prefabricated buildings	15%
Bridges, platforms, pipelines, permanent way, and railway lines	10%
Heavy equipment, Tractors, digging equipment, and any other similar heavy equipment	33.33%
Motor vehicles	33.33%
Furniture and fixtures	33.33%
Aircraft and ships	15%
Other equipment and tools	15%
Hospital buildings and educational establishments	100%
Scientific research equipment	100%