Foreign Members Committee of OCCI discuss Omanisation, tax system

The Foreign Members Committee in the Oman Chamber of Commerce and Industry (OCCI) held its second meeting for 2019 last week at the Diplomatic Club.

Held under Raed bin Mohammed al Shehhi, member of the board of directors of OCCI and chairman of the committee, the meeting was attended by the members and representatives of major foreign companies in the sultanate.

According to a release, the meeting discussed the committee's work plan for the coming period and set its priorities through events such as conferences, workshops and training programmes. The members agreed to identify the most important topics of interest to investors in the sultanate, including the tax system and issues related to Omanisation.

Members looked into the need to hold further meetings with concerned parties to find appropriate solutions to the challenges facing the private sector in general and major foreign investors in the sultanate in particular.

Ali bin Mohammed Tabouk, CEO of Salalah Free Zone (SFZ), the chief guest, gave a briefing on the zone. He said that the zone has many advantages and incentives to attract investors, including the standard time to complete the registration procedures of any new company and obtaining an equipped office and the necessary visas.

Tabouk said that the SFZ offers 100 per cent foreign ownership, exemption from customs duties, tax exemption for 30 years and absence of a minimum capital rates.

MENAFN2209201901410000ID1099034797