Oman Touts Free Zone Perks At Singapore Event
by Lorys Charalambous, Lowtax.net, Cyprus
30 June, 2014
Sohar Port and Freezone in Oman has announced its intention to strengthen economic ties with global shipping powerhouse Singapore.
Speaking at the SCM Logistics and Manufacturing World 2014 event, Asia's largest supply chain and manufacturing event, Commercial Executive Edwin Lammers discussed Sohar's ambition to establish itself as the gateway to a new trade corridor that will leverage on the port's unique location to connect Asia, the Gulf, and the US through Oman.
Lower costs generated by container volumes that are projected to reach 1.5m twenty-foot equivalent units, and Sohar's ability to provide access to the Gulf from outside the Strait of Hormuz, were highlighted as advantages by Lammers. Oman's free trade agreements with the US and Singapore were also viewed as crucial in pursuit of an increased share of USD68bn in US-Singapore trade flows for the port..
The business incentives offered by the free zone include 100 percent foreign ownership, exemption from Oman's 12 percent corporate tax for up to 25 years, zero percent import and re-export duties, and zero percent personal income tax.
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