Oman Announces New Measures To Attract Investment

The Omani government has approved new incentives to stimulate the business climate by cutting income tax for small and medium-sized businesses for 2020 and 2021 and offering long-term residence permits to foreign investors. This move is due to the fact that the country is shifting its emphasis on diversifying its sources of oil revenues.

Omani official television said the new incentives are part of Vision 2040. The media also wrote that the granting of longer stays to foreign investors will be carried out "in accordance with specific controls and conditions that will be announced later after their study is completed by the Council of Ministers, in addition to incentives related to the market."

"The authorities seek to simplify procedures and permits related to commercial activities in some sectors and attract local and foreign investments, in addition to enhancing local added value, encouraging national products and promoting exports." - write thearabweekly.

However, investors will have certain limitations. For example, it will not be possible to engage in the production of Omani sweets, the manufacture of traditional daggers, some retail sales, and other sectors in order to protect national products and entrepreneurial projects.

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Source: thearabweekly

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