The Sultan of Oman, His Majesty Sultan Qaboos Bin Said, has issued a new Royal Directive to grant tax breaks to those investing in new tourism projects in Musandam.
This new directive, which has been warmly welcomed by the Oman Ministry of Tourism, aims to elevate the Musandam Governorate’s blossoming tourism industry and stimulate investment within the destination.
Following the implementation of this new Royal Directive, investors will now be exempt from customs duties covering building materials, tools and equipment that are essential during the construction phase of 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.
Director general, investor services and quality control, Oman Ministry of Tourism, Eng. Mohammed bin Mahmoud Al Zadjali commented on the game-changing development: “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 stressed the importance of empowering and supporting the private sector in the successful implementation of the Oman Tourism Strategy, emphasising that the new directive will attract more tourism investments to Musandam.