MUSCAT: Qais bin Mohammed al Yousuf, Chairman of Oman Chamber of Commerce and Industry (OCCI), hailed the Royal consent of His Majesty Sultan Qaboos and His Majesty’s government to suspend dividend tax on shares and interests at 10 per cent imposed by the Income Tax Law issued by the Royal Decree No 9/2017, for a period of three years from May 6, 2019. He affirmed the Royal care accorded by His Majesty the Sultan for the economic development in the Sultanate, which will enable it to perform its prospective roles and carry out development and societal responsibilities within the framework of the future vision for the national economy and 2040 goals.
He said the suspension of tax on dividends will upgrade the Sultanate’s position on investment map at regional and international levels. This will also enhance investor confidence in the investment environment in the Sultanate as it aims to achieve an effective and ambitious economic diversification programme. The OCCI chief added that the decision reinforces what is being circulated and was recently put forward at an evening organised by the chamber with participation by Muscat Securities Market (MSM), brokerage companies and parties in the sector on international markets and their impact on MSM in relation to conditions and challenges facing the stock market and impacts on the private sector. — ONA
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