Omani Tax-Free Zone On Promotion Drive
by Lorys Charalambous, Lowtax.net, Cyprus
26 February, 2015
Oman's Duqm Special Economic Zone Authority (SEZAD) has launched a series of seminars across the country with the aim of encouraging the private sector to invest in the zone.
At one of the seminars, on February 23, 2015, Ismail bin Ahmad Al Balushi, the Deputy CEO of SEZAD, highlighted the investment environment and the privileges and facilities and benefits that SEZAD offers to investors, emphasizing that the zone welcomes not only major corporations but also small and medium enterprises (SMEs).
He said that SEZAD is working to implement the Government's strategy to increase the activities of SMEs and to provide them with the necessary space to grow. In this regard, SEZAD signed last year a memorandum of understanding (MoU) with the Public Authority for SME Development, which regulates the cooperation between the two organizations to provide industrial and commercial lands for SME owners to invest in through usufruct contracts.
He added that last year the free zone signed usufruct agreements and development agreements with local investors to support projects in the commercial, industrial, sports, and entertainment sectors. He said that investment in the zone has reached more than OMR300m (USD779m).
The business incentives offered by the zone include a waiver or reduction in corporate tax and customs duties, duty-free sales to domestic and Gulf Cooperation Council markets, 100 percent foreign ownership, and free repatriation of profits and capital.
See all of today's news