Oman Ministry of Tourism welcomes new directive issued by Sultan Qaboos Bin Said to give tax breaks to new tourism investors
The Oman Ministry of Tourism has welcomed a new directive issued by Sultan Qaboos Bin Said to give tax breaks to any new investor who wishes to establish a tourist project in Musandam.
The implementation of this new decree is expected to help bolster the Musandam Governorate's thriving tourism segment while also attracting the entry of potential investment opportunities.
Under the newly issued decree, investors will now be allowed exemption from customs duties covering building materials, tools and equipment that are essential during the construction phase of their tourism-related projects.
The decree also includes exemption from the four percent tourism tax, the five percent municipal tax and the 15 percent company income tax, starting from the start of the project to its first 10 years of operations.
The royal decree will take effect starting this month, a statement said.
Mohammed bin Mahmoud Al Zadjali, director general - Investor Services and Quality Control, Ministry of Tourism in Oman, said: "The newly issued directive demonstrates His Majesty's keenness towards further consolidating the Sultanate's leading position as a highly preferred tourism destination.
"It also plays a key role in the move to achieve the country's development goals, which includes the promotion of the tourism segment as part of the Ninth Five-Year Plan (2016-2020) that aims to reduce the dependency on oil."
Al Zadjali said that with the new decree, significant development is expected to happen in the level of services, activities, tourism facilities and entertaining facilities in Musandam.For all the latest travel news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.