HM directives exempt taxes for tourism projects in Musandam

MUSCAT: His Majesty Sultan Qaboos has issued directives to offer some exemptions from fees and taxes to any new investor who wishes to establish a tourism project in the Governorate of Musandam, in exception to any regulations applied in this regard, in order to promote tourism in the governorate. The Royal directives give exemption from customs duty on building materials, tools and equipment required by the tourism project during the construction period, exemption from the 4 per cent tourism tax and 5 per cent municipal tax starting from the actual operation of the project for 10 years. The Royal Directives also order exemption from the 15 per cent companies income tax starting from the actual operation of the project for 10 years. His Majesty’s Royal directives also ruled that the exemptions will be activated with effect from June 1, 2019. — ONA