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,
and Royal Decree 21/75 Exempting Companies From Income Tax under Special Conditions,
Royal Decree 1/79 Issuing the Law on the Regulation and Promotion of Industry of 1978 and its amendments,
and Royal Decree 47/81 Issuing the Corporate Income Tax Law,
and in pursuance of public interest,
have decreed as follows
Article 1
A new article numbered 51bis is hereby added to the mentioned Corporate Income Tax Law issued by Royal Decree 47/81 with the following text:
Article 51bis
First
Companies that carry on their main activity in industry, agriculture, fisheries, and other important economic sectors are exempt from tax in accordance with the controls specified by the Financial Affairs Council.
Second
It is permitted, by a decision of the minister based on the proposal of the Minister of Commerce and Industry, to exempt companies 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, and after consulting the opinion of the Industry Development Committee.
Third
It is permitted, by a decision of the minister—based on the proposal of the competent minister—to exempt other companies from tax in accordance with the controls specified by the Financial Affairs Council.
Article 2
Articles 3 and 4 of the mentioned Royal Decree 21/75 and Article 19(First: (a)) of the mentioned Law on the Regulation and Development of Industry are hereby repealed, as well as all that is contrary to this decree or in conflict with its provisions.
Article 3
This decree must be published in the Official Gazette, and comes into force from the date of its publication.
Issued on: 25 Rajab 1415
Corresponding to: 28 December 1994
Qaboos bin Said
Sultan of Oman
Published in Official Gazette 542 issued on 1 January 1995.