Financial incentives for citizens and private sector announced

      Published on Friday, 1 January , 2021      483 Views     
Financial incentives for citizens and private sector announced

As per the high directives of  His Majesty Sultan Haitham Bin Tarik, facilities and incentives for citizens and the private sector will start from the new year 2021.

A statement issued online by Oman News Agency (ONA) said,

”Under the high directives of His Majesty Sultan Haitham bin Tarik, the Ministry of Finance announced today many facilities and incentives that will be provided to citizens and the private sector during the next year 2021.”

Housing loans provided by the Oman Housing Bank: In order to reduce the waiting period for citizens to obtain housing loans,

the annual allocation for loans during the year 2021 has been raised to 100 million OMR instead of 60 million OMR specified in the bank’s budget for the year 2021, which will lead to an increase in the number of approvals for loan applications from 1350 to about 2250 approvals during the year 2021.

Distribution of residential lands to citizens: In order to meet the requests submitted by citizens to obtain residential lands, the Ministry of Housing and Urban Planning will work during the year 2021 to prepare a number of housing plans to be able to distribute about 23000 residential land plots in the various governorates and wilayats of the Sultanate.

Exempting those who took loans from the Oman Development Bank and the Small and Medium Enterprises Development Authority from the benefits of loans for one year (2021): To support small and medium-sized private sector companies and institutions that took loans from the Development Bank and the Small and Medium Enterprises Authority (Raffd and Sanad loans), exemptions will be extended to all institutions and companies to benefit from loans for one year 2021. This is in order to reduce the financial burdens on these institutions and companies, especially with the implementation of initiatives to redirect electricity and water subsidies.

Exemption from licensing fees for small and medium enterprises: Exemption from payment of all licensing fees for small and medium enterprises owned by Omanis dedicated to managing their enterprises (holders of Ryada card) for the first three years of incorporation for the targeted activities specified by the authority, which are transformational industries, service activities (transport, tourism and logistic trade), fisheries and agricultural activities.

Reducing lease contract fees from 5 per cent to 3 per cent – in order to encourage the process of documenting lease contracts to protect the rights of lessors and tenants, the lease contract fees have been reduced to 3 per cent instead of 5 per cent.

Category Business, Government, Oman News, Sultan | 2021/01/01 latest update at 7:00 PM
Source : Times of Oman | Photocredit : Google
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