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Oman: Incentives announced for tourism sector
Muscat- March 18, 2021:
Oman’s Ministry of Heritage and Tourism has issued a circular on incentives for the tourism sector with an economic stimulus plan.
The plan was approved at the Council of Ministers, which his Majesty Sultan Haitham Bin presided on March 9, 2021. The initiative aims to achieve high growth rates as per Oman Vision 2040.
“It also aims to support efforts to extenuate the impact measures taken due to the pandemic on the national economy by providing a set of measures and initiatives that supports economic recovery, enhancing the performance of economic activities and foreign investment” states an official statement by Oman’s Ministry of Heritage and Tourism.
Incentives approved for the tourism sector include:
- Exemption from the income tax for hotel establishments for two tax years – 2020 and 2021.
- Exemption from the tourism tax payable by tourism establishments to the Ministry starting from March 10, 2021, until December 31, 2021.
- Postponement of the settlement of the tourism tax until March 9, 2021, payable by tourism establishments at the end of December 2021.
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