Oman to raise tax and cut subsidies as oil rout hits sultanate hard | The National

Oman to raise tax and cut subsidies as oil rout hits sultanate hard | The National:

"Oman will trim spending, cut subsidies and raise corporation tax as it seeks to curtail the effect of the oil-price rout that has hit the sultanate harder than neighbouring Arabian Gulf states.

This is the latest in a series of belt-tightening budgets in the Gulf, as the region’s oil producers wrestle with Brent prices near an 11-year low.

“The council of ministers approved a number of procedures to face the impact of lower oil prices in order to ensure the sustainability of the financial situation of the state,” ONA, the Omani state news agency, said on Wednesday."



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