Oman to offer investors long-term residency; cut income tax on SMEs Reuters/Dubai Filed on March 9, 2021 | Last updated on March 10, 2021 at 06.34 am Oman will cut rent at the Duqm Special Economic Zone and industrial areas until the end of 2022. — AFP Oman is one of the Gulf’s weakest economies and was hit hard by the coronavirus pandemic and low oil prices. Oman will reduce income tax for small and medium businesses for 2020 and 2021 and will offer long-term residency permits for foreign investors, state TV said on Tuesday. The plans announced on state media are part of Oman’s Vision 2040 aimed at diversifying the economy away from oil, which makes up the bulk of state revenues.