Royal Decree 68/92 on the Continuation of the Tax Exemption Stipulated for Commercial Establishments and Companies Wholly Owned by Omani Citizens

We, Qaboos bin Said, the Sultan of Oman

after perusal of Royal Decree 26/75 Issuing the Law Governing the Administrative Apparatus of the State and its amendments,

Royal Decree 47/81 Issuing the Corporate Income Tax Law,

Royal Decree 77/89 Issuing the Law of the Profit Tax on Commercial and Industrial Enterprises,

Royal Decree 29/90 Exempting Commercial and Industrial Establishments and Companies Wholly Owned by Omani Nationals from Profit Tax for a Period of Two Years,

and the statement issued by the Council of Ministers regarding the extension of the period of exemption from the application of profit tax on commercial and industrial establishments wholly owned by Omani nationals,

and in pursuance of public interest,

have decreed as follows

Article I

The exemption prescribed for commercial and industrial establishments owned or exploited by an Omani natural person alone, and companies wholly owned by Omani nationals from the profits tax on commercial and industrial establishments and from the corporate income tax hereby continues.

Article II

This decree comes into force as of the tax year 1993, which begins on 1 January 1993.

Article III

This decree must be published in the Official Gazette.

Issued on: 28 Rabi Al-Thani 1413
Corresponding to: 25 October 1992

Qaboos bin Said
Sultan of Oman

Published in Official Gazette 490 issued on 1 November 1992.