Al Watan, 30 October 2024: The Legislative and Legal Committee and the Economic and Financial Committee of the Shura Council have approved the final draft of the law on Special Economic Zones and Free Zones in Oman, referred by the government.

This is in preparation for presenting and discussing it during the upcoming regular sessions of the Council, in accordance with Article 72 of Oman Sultani Decree No. 6/2021 On the Issuance of the Constitution of the State, states that Draft laws prepared by the government shall be referred to the Council of Oman for approval or amendment, and then submitted directly to the Sultan for ratification and issuance.

During the meeting, the articles and provisions of the draft law were reviewed, in terms of legal drafting, as well as the opinion of the Economic and Financial Committee, which focused on studying its economic feasibility and its contribution to enhancing investment and providing facilities and incentives for investors in those zones.

Some amendments were made to a number of provisions of the law after the consensus of the honourable members of the two committees.

It is worth noting that the draft law on Special Economic Zones and Free Zones aims to unify the system of guarantees, advantages, incentives, exemptions, and facilities granted to economic activities.

It also helps develop policies for granting income tax exemptions to attract strategic projects in Oman.

Previously, the Economic and Financial Committee had hosted a group of experts and stakeholders from several government institutions to seek their views and benefit from their expertise in order to develop a perspective on the law.

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