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Monday, 2 January 2017

Oman introduces set of measures to face sharp decline in revenues |

Oman introduces set of measures to face sharp decline in revenues |
"Oman announced it has introduced a policy of gradual fiscal adjustments aimed at boosting revenues, according to a statement issued by the Ministry of Finance on Sunday.
“The aim of such policy is to minimise [the price of oil’s] impact on economic and social aspects. Therefore, the Government has taken into consideration the importance of maintaining the services provided to the citizens, and preventing economic contraction,” said the statement. Oman, along with many other oil-producing economies, have been looking for ways to increase revenues following the drop in oil prices over the past two years. In June 2014, the price for Brent Crude stood at $115 (Dh422) but has since fallen at low at $28. On Monday, it was trading for $56.82 a barrel. Oil is a major contributor to Oman’s economy, the ministry has said.
The new measure introduced include an amended Income Tax Law that is expected to be issued this year and introducing selective taxes, concurrently with GCC countries, on certain commodities such as tobacco, alcohol and other products. Other changes include new fee for licenses of bringing foreign workers into the country, amended fees for civil services provided by Royal Oman Police (ROP), limiting tax exemptions granted for companies and establishments and enhancing tax collections efficiency, and activating monitoring and follow-up measures."

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