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FINANCIAL NEWS
VAT to add USD1bn to Oman government’s coffer
20 Nov 2016
(MENAFN) The installation of value added tax (VAT) is predicted to add almost USD1bn to government coffers as the IMF predicted.
Accordingly, a consumer tax, will account for almost 1.5 percent of the GDP although the amount can fluctuate depending on variables.
Moreover, government policies on VAT are not stated yet, while they are predicted to follow global standards that aim to minimize effects on the country’s economy.
However, all taxes have a negative impact on the whole GDP of the country, while the rate planned is very low by global standards.
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