Mubasher: Oman’s tourism minister has welcomed the new Royal Directive issued by Sultan Qaboos bin Said to grant tax exemptions to any new investor who is interested in establishing a tourist project in Musandam.

By implementing this new decree, Musandam’s thriving tourism segment will be endorsed while attracting the entry of potential investment opportunities.

Investors will now be allowed tax breaks from customs duties that cover building materials, tools, and equipment that are essential during the construction phase of their tourism-related projects.

The royal decree shall come into effect starting June 2019.

“The decree also includes exemption from the 4% tourism tax, the 5% municipal tax and the 15% company income tax--starting from the actual start of the project to its first ten years of operations,” according to a press release on Wednesday.

Commenting on this new royal decree, director general at Investor Services and Quality Control in the Omani tourism ministry Eng. Mohammed bin Mahmoud Al Zadjali said, “It also plays a key role in the move to achieve the country's development goals, which includes the promotion of the tourism segment as part of the Ninth Five-Year Plan (2016 - 2020) that aims to reduce the dependency on oil.”