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FINANCIAL NEWS
Oman considers spending cuts, raising tax
24 Nov 2014
(MENAFN) Oman’s government is reportedly considering spending cuts and raising taxes, including the tax on liquefied natural gas exports, as the Gulf country attempts to deal with the drop in its revenue due to the global decline in oil prices, Arabian Business reported.
Oman, which has run a small budget surplus so far this year, is at risk of being pushed into a deficit of USD7.9 billion next year unless oil prices rebound.
Thus, the country’s Shurah Council has suggested some reforms to expand Oman’s non-oil tax revenues, including an expansion of tax categories, a review of tax rates, the addition of new tax sources and improvements to the efficiency of tax collection.
These suggestions, among other taxes steps, are expected to generate a total of USD784.41 million, thus raising the estimated state revenues to reach USD31.79 billion in 2015.
The Council also suggested that the government cuts its spending by 5 percent on oil and gas production, defense and security, and development projects, which would reduce the state expenditure by USD727.27 million to reach USD38.23 billion in 2015.
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