On 8 September 2022, the Oman Tax Authority (OTA) announced some conditions and procedures for obtaining income tax exemption for companies operating in sectors contributing to economic diversification. The exemption is offered only to companies that commenced activities during the period from 1 January 2021 to 31 December 2022, provided that they are: (i) incorporated under Omani laws; (ii) registered and have their head office in Oman; and (iii) licensed to carry on their activities by the competent authorities in Oman.
A 5-year exemption from income tax is made available for companies carrying on activities in the following sectors:
- agriculture,
- fisheries;
- industry;
- tourism;
- mining; and
- high-value and strategic logistics activities; and
- Telecommunication and information technology.
The exemption will be granted by way of a decision of the OTA chairman based on an application submitted to the Oman Tax Authority.
