OMAN: Investors in New Airport Free Zones to Get 15-Year Tax Exemption
21 March 2022
Foreign investors setting up businesses in three new Omani airports free zones will benefit from a range of incentives. The government issued a royal decree on 2 March 2022 establishing free zones at Muscat International Airport, Salalah Airport and Sohar Airport. Investors who start businesses in the zones will be entitled to 100% foreign ownership; import and export duty exemptions; zero minimum capital; and a 15-year tax exemption, which can be extended for another five years. The tax waiver excludes banks, other financial institutions, insurance and reinsurance firms, or projects providing telecommunications, land transport or contract services.
The new free zones will feature a one-stop portal for the processing of licences, visas, permits and approvals, and also house commercial outlets, retail and offices. Activities encouraged in the zones include air logistics services; light industries; goods storage and distribution; and support services such as banking, insurance, hospitality and other commercial services. The Public Authority for Special Economic Zones and Free Zones (OPAZ) will oversee the new airport free zones.
- Finance & Investment
- Middle East