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FINANCIAL NEWS
Oman’s tax revenue to reach OMR500mn
09 Apr 2017
(MENAFN) Corporate income tax revenue of the Oman government will reach OMR500mn this year since withholding tax amendments are effective from February 2017.
Accordingly, the government will surpass the budgeted profits of OMR400mn, while they are expected to exceed OMR500mn this year.
Moreover, rates have increased by 25 percent apart from the OMR30.000 exemption being removed, while revenues may not grow proportionately.
In addition, the number of firms that are obtained to pay tax would grow as now even an OMR100 profit would result in a tax liability.
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