Muscat: Qais bin Mohammed Al Yousef, Chairman of Oman Chamber of Commerce and Industry (OCCI), hailed the Royal Consent of His Majesty Sultan Qaboos bin Said and His Majesty’s Government to suspend the income tax related to dividends on shares and interests at 10% imposed by the Income Tax Law Issued by the Royal Decree No. (9/2017), for a period of 3 years from 6 May 2019, extendable.
He affirmed the Royal Care accorded by His Majesty the Sultan for the economic and investment work in the Sultanate, which will enable it to perform its prospective roles and carry out its development and societal responsibilities within the framework of the future vision of the national economy 2040.
He pointed out that the suspension of income tax related to dividends on shares and interests at 10% will upgrade the Sultanate’s position on the investment map at the regional and international levels.
This will also enhance the investors’ confidence in the investment environment in the Sultanate as it aims to achieve an effective and ambitious economic diversification programme.
He added that the decision came to reinforce what is being circulated and was recently put forward in an evening organised by OCCI in the presence of the Muscat Securities Market (MSM), brokerage companies and interested parties in the sector on international markets and their impact on the MSM in relation to the conditions and challenges facing the MSM and relevant impacts on the private sector.