Muscat: Under the leadership of His Excellency Sheikh Abdulmalik bin Abdullah Al Khalili, Chairman of the State Council. The council discussed a pivotal draft law on special economic zones and free zones aimed at streamlining legislative frameworks for economic development.
In his opening remarks, His Excellency highlighted the Council’s commitment to advancing Oman’s renaissance through legislative proposals and studies that bolster growth and safeguard the nation’s economic assets.
The session’s agenda included a review of the Economic and Financial Committee’s report on the proposed law.
The draft law seeks to unify the legislative system for economic and free zones under a single framework. This move will enhance regulatory consistency and empower the General Authority for Special Economic Zones and Free Zones (OPAZ) with greater flexibility in managing future expansions and overseeing projects.
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Key highlights of the proposed law include:
Streamlined policies for income tax exemptions, with a maximum period of 10 years, extendable for two additional terms based on project size and value addition.
Unified incentives, guarantees, and regulatory benefits across all zones, while allowing tailored distinctions where necessary.
Simplified procedures for obtaining licenses and approvals to attract strategic investments.
