Oman Advisory Body Approves Corporate Tax Rise as Oil Rout Bites - Bloomberg Business

Oman Advisory Body Approves Corporate Tax Rise as Oil Rout Bites - Bloomberg Business:

"Oman’s Shura Council voted to hike corporate taxes as the Middle East’s largest oil producer outside of OPEC faces another year of shrinking government revenue.
The elected advisory body voted on Tuesday to raise corporate taxes on companies registered in Oman by 3 percentage points to 15 percent and to end corporate tax exemptions, council member Tawfiq Al Lawati said by phone. The council also voted to raise taxes on net income to 35 percent for petrochemical companies and 55 percent for natural gas companies, the official Oman Daily reported. The recommendations need approval from the State Council and cabinet before becoming law.
The oil-rich Sultanate faces a budget deficit of more than 17 percent of economic output this year as the oil price slump cuts into the government’s main source of revenue, pushing officials to study project delays and new taxes. While Oman isn’t the only Gulf country stretched by the oil rout, it has thinner fiscal buffers to fall back on than neighboring Saudi Arabia and the United Arab Emirates.
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