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 1/79 Issuing the Law on the Regulation and Promotion of Industry of 1978 and its amendments,
Royal Decree 47/81 Issuing the Corporate Income Tax Law and its amendments,
Royal Decree 77/89 Issuing the Law of the Profit Tax on Commercial and Industrial Establishments,
and in pursuance of public interest,
have decreed as follows
Article I
A new article numbered 5bis is hereby added to the mentioned Law of the Profit Tax on Commercial and Industrial Establishments issued by Royal Decree 77/89 with the following text:
It is permitted to exempt industrial establishments registered in accordance with the mentioned Law on the Regulation and Promotion of Industry for a period of five years starting from the date of commencement of production, subject to renewal. The exemption must be issued by a decision by the Deputy Prime Minister for Financial and Economic Affairs based on the proposal of the Minister of Commerce and Industry after consulting the opinion of the Industry Development Committee.
Article II
All that is contrary to this decree, or in conflict with its provisions, is hereby repealed.
Article III
This decree must be published in the Official Gazette, and comes into force from the date of its publication.
Issued on: 6 Rabi Al-Akhir 1415
Corresponding to: 12 September 1994
Qaboos bin Said
Sultan of Oman
Published in Official Gazette 535 issued on 17 September 1994.