How Oman aims to put its economy back on track after coronavirus – The plan moving ahead

Covid-19 has left economies around the world on a downward slope. Oman is no different and just like the rest of the world, the country’s leaders have been working on a few plans to help the economy recover.

The economic schemes approved by the Sultan focus on 5 pillars which include tax and fees benefits. Companies operating in diverse sectors will be given an income tax reduction from 15 per cent to 12 per cent from 2021 to 2022. Many an Oman business hotel the likes of Anantara Al Jabal Al Akhdar Resort will be given tax exemptions. Payment for loans of those who have been laid off or those whose salaries were cut will be postponed as well. The new system will also look at diversifying into fields like agriculture, mining and fisheries.