Bayan e-system provides incentives for industrial investors in Oman

In order to facilitate industrial investments in the Sultanate, encourage the Ministry of Commerce and Industry provides a number of incentives through the 'Bayan' e-system of the Public Administration for Customs of the Royal Oman Police.

The Sultanate provides many promising investment opportunities in the industrial sector because it has abundant raw materials, qualified human resources and provides investors with many facilities that ensure continuous growth of the sector. 

The e-system saves the industrial investors' time and effort by providing many facilities to business and industry community.

Eng. Mohammed bin Said Al Mahrouqi, Head of the Exemptions at the Directorate General of Industry at the Ministry of Commerce and Industry said that getting the industrial licence from the Ministry of Commerce and Industry is one of the requirements to get the custom exemptions.

He added that registration at Bayan system is done by three stages, namely the inspection of the exemption, the authentication of the exemption and finally the approval of the exemption. The application will be sent electronically to the Secretariat General of Taxation at the Ministry of Finance.

He also pointed out that the number of industrial transactions through Bayan during the first quarter of 2017 stood at 916 licences for GCC, Form B for exempts from industrial establishments' imports. Seventy-three applications for custom exemptions for the equipment, spare parts and primary raw materials have been studied.

Source: Timesofoman