His Majesty Sultan Haitham Bin Tarik has issued Royal Orders on the occasion of Accession Day, today [January 11, 2023], focussing on taxation affairs and lending.

As per a statement issued by Oman News Agency (ONA), the new Royal Order suspends withholding tax on dividends and interest on non-residents.

His Majesty the Sultan has also directed to provide financial support to the charitable teams affiliated with the social development committees across all Wilayats and to provide financial support to charities that support the efforts of the Ministry of Social Development in the Sultanate.

The statement reads: “The Royal Orders issued on the occasion of the day the Sultan took over the reins of power in the country, to stop working with the withholding tax on the distribution of dividends and interest imposed on non-residents; confirming the objectives aimed at increasing the market value of the Muscat Stock Exchange and enhancing the contribution of foreign investment in it.”

The Royal Orders also provide financial support to charitable teams affiliated with the social development committees in all Wilayats in the Sultanate to honour volunteers working in them, and to provide financial support to charities that support the efforts of the Ministry of Social Development.

His Majesty the Sultan then directed to raise the maximum limit for lending provided by the Oman Development Bank (ODB) from RO1mn to RO5mn and to allow an increase in this limit for development projects that contribute to creating added value, in addition to increasing the percentage of participation in financing the cost of projects in addition to raising the capital of the Bank in line with this increase in order to encourage investments in the country, and in particular to establish projects that contribute to economic diversification and provide job opportunities for citizens.

It also came within the Royal Orders to expand the list of activities and fields funded by the ODB, while providing additional incentives for projects that are established outside the Muscat Governorate within the framework of investment plans in the governorates and job creation therein.

His Majesty the Sultan confirms the strengthening of the partnership between the Oman Housing Bank and various local banks with the aim of accelerating the provision of financing to applicants on the waiting list, including housing loan applications submitted to the Ministry of Housing and Urban Planning.