Oman sees rise in industrial licences and customs exemptions

Oman sees rise in industrial licences and customs exemptions

Muscat: The number of industrial licences and customs and tax exemptions during the first half of 2023 stood at 11,845 compared to 6,998 applications during the same period of 2022, the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) said on Tuesday.

The ministry further said the statistics showed that the number of industrial licences amounted to 11,540 licences and the number of customs and tax exemption decisions reached 305 applications during the first half of this year.

The statistics show that the applications submitted to import raw materials and machinery for which a tax exemption was issued for industrial facilities and which were cleared through the Bayan system amounted to 2,871 permits for the countries of the Gulf Cooperation Council (GCC).

The ministry further confirmed that industrial establishments must apply for customs exemption before importing their imports through the Bayan system.

Noting that the investors’ orientation to the electronic services provided by the Invest Easy portal and the Bayan system contributed to accelerating the completion of transactions, facilitating and smoothing the movement of incoming and outgoing goods to and from the Sultanate of Oman, as well as reducing the cost of import and export operations.