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FINANCIAL NEWS
Oman to implement VAT by 2018 to boost profits
06 Nov 2016
(MENAFN) Oman proclaimed that it will introduce value-added tax (VAT) by the beginning of 2018 in order to spread its revenues amid the plunge in oil prices.
Meanwhile, the Sultanate will also raise the prices of different commodities, involving those harmful to health such as alcohol, tobacco and others.
In addition, the corporate income tax has enhanced revenue in the last ten years, which has grown from 180mn riyals to 350.7mn riyals in this year.
The Sultanate has been reducing state subsidies and introducing other austerity measures to curb a budget deficit that totaled 4bn riyals.
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