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Oman- Royal Directive for fee, tax exemption to new investors starting tourism projects in Musandam
(MENAFN- Muscat Daily) Muscat- His Majesty Sultan Qaboos bin Said on Thursday issued Royal Directive offering some exemptions from fees and taxes to any new investor wishing to start a tourist project in the Governorate of Musandam, in exception to any regulations applied in this regard.
The Royal Directive allows exemption of customs duty for building materials, tools and equipment required by the tourism project during the construction period, exemption of '4%' tourism tax and '5%' municipal tax starting from the actual operation of the project for ten years.
The Royal Directive also allows exemption from the '15%' companies' income tax starting from the actual operation of the project for ten years.
The Royal Directive allows exemption of customs duty for building materials, tools and equipment required by the tourism project during the construction period, exemption of '4%' tourism tax and '5%' municipal tax starting from the actual operation of the project for ten years.
The Royal Directive also allows exemption from the '15%' companies' income tax starting from the actual operation of the project for ten years.
His Majesty the Sultan's Royal Directive also rules that the exemptions will be applicable from June 1, 2019.
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