The agreement aims to regulate the imposition of taxes by the Omani or the Spanish governments on individuals and companies residing in the other country, enhance the regulatory framework and create a more attractive investment environment for investors.

The two countries also signed agreements on defence, tourist cooperation, transport cooperation and on archives and other documentation which will enhance relations between the Sultanate's National Records and Archive Authority and its Spanish counterpart. It will also encourage the exchange of information and cooperation on events, conferences, training courses, exhibitions and scientific research.