Move aimed at bolstering Musandam Governorate’s tourism segment while also driving in potential investment opportunities.
The Oman Ministry of Tourism welcomed the new Royal Directive issued by His Majesty Sultan Qaboos Bin Said, the Sultan of Oman, 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 per cent tourism tax, the five per cent municipal tax and the 15 per cent company income tax–starting from the actual start of the project to its first ten years of operations. The royal decree shall take effect starting in June of this year. Eng. Mohammed bin Mahmoud Al Zadjali, Director General Eng. – 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 also emphasized on the importance of empowering and supporting the private sector in the successful implementation of the Oman Tourism Strategy, adding that the latest set of exemptions announced by His Majesty will attract more tourism investments to Musandam. With the new decree, significant development is expected to happen in the level of services, activities, tourism facilities and entertaining facilities in this governate, especially with its strategic location, which enjoys various tourism resources and regional uniqueness, in order to achieve the strategic development objectives of the Musandam Governorate.
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