His Majesty Sultan Haitham approves plan for economic stimulus

Muscat: His Majesty Sultan Haitham approves plan for economic stimulus

His Majesty Sultan Haitham bin Tarik  during his presidency this morning, the Council of Ministers meeting at the Al-Shamoukh Fort Al-Ameri Palace approves a plan for economic stimulus to achieve high growth rates as planned in Oman 2040 Vision.

His Majesty reviews the conditions of the national economy and what it was exposed to during the last period due to the low oil prices, which resulted in an increase in the fiscal deficit, high public debt and the impact of the measures taken to deal with the spread of the Corona pandemic at the beginning of last year.

As the Sultanate hastened to take many precautionary and preventive measures that cast a shadow on economic growth in general.

The economic stimulus plan includes many incentives, among them are incentives related to reducing taxes and fees for companies that will start their activities in 2021 in the sectors of economic diversification: industry, tourism, logistics, fisheries, agricultural and mining, and to reduce the income tax rate on small and medium enterprises for the years 2020 and 2021 in addition to To reduce the rental value in the Duqm Special Economic Zone.

The plan also includes reducing the rental value in the Special Economic Zone of Duqm and industrial zones until the end of 2022 and incentives for the business and investment environment, including facilitating business and granting residency for long periods to foreign investors in accordance with specific controls and conditions that will be announced later after completing their consideration by the Council of Ministers, in addition to incentives related to In the labor market to provide more job opportunities for our children, His Majesty expressed his concern for the steps taken by the concerned authorities to deal with the developments of the labor market.

 

 

 

 

 

more recommended stories

Terms of Use:

  • This website Arabian Daily is an individual’s property, not used for any commercial or sales purposes. What you see here are one’s random thoughts in action. I, by no means, endorse any product or party through this, unless stated explicitly.
  • All work you will find here is copyrighted unless stated otherwise. No part of this work can be reproduced in any way with the exception of a) if you share our work, it should link back to this website; b) if you quote any part of our work, it should be properly credited to us with a link to this website.
  • All images used on this website have been taken from open source image websites on the Internet. If any of them are copyrighted to you and you want us to take them down or add credits, please feel free to contact us here, or by using the contact form on this page.
  • The views expressed on Arabian Daily are solely ours. They do not represent any party or any particular school of thought. This website does not promote racism in any form.
  • Privacy Policy:
    This website will respect the readers’ and the writer’s privacy. We do not sell any of their personal or contact information to another company. We do not put your information on spam lists. Also, and more importantly, we are not responsible for the privacy practices of any of our advertisers or website commenters.
  • Reserve Rights: We reserve the right to change the focus on this website, to shut it down, sell it or to change the terms of use at our own discretion.