{"id":103794,"date":"2021-01-02T18:14:39","date_gmt":"2021-01-02T18:14:39","guid":{"rendered":"https:\/\/fin2me.com\/?p=103794"},"modified":"2021-01-02T18:14:39","modified_gmt":"2021-01-02T18:14:39","slug":"oman-expected-to-add-779-million-in-revenue-from-vat-this-year","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/oman-expected-to-add-779-million-in-revenue-from-vat-this-year\/","title":{"rendered":"Oman Expected to Add $779 Million in Revenue From VAT This Year"},"content":{"rendered":"<p>The implementation of a 5% value-added tax in Oman this year is seen bringing in 300 million rials ($779 million), the Oman News Agency reported Saturday, citing the Gulf nation\u2019s finance minister.<\/p>\n<p>Oman\u2019s 2021 <meta itemprop=\"suid\" content=\"QM92W5T0G1KW\"><meta itemprop=\"type\" content=\"StoryLink\">budget, announced Friday, forecasts a 14% drop in spending and a 19% decline in revenue after finances were ravaged by lower crude prices and the coronavirus pandemic. The country last year announced it would impose a <meta itemprop=\"suid\" content=\"QJ6068T0G1KW\"><meta itemprop=\"type\" content=\"StoryLink\">5% VAT in an effort to bolster the economy and curb its widening budget deficit.<\/p>\n<table>\n<colgroup>\n<col class=\"news-rsf-table-string\"><\/colgroup>\n<tbody>\n<tr>\n<th class=\"news-rsf-table-string\">More on Oman\u2019s economy:<\/th>\n<\/tr>\n<tr>\n<td><meta itemprop=\"suid\" content=\"QK9P94DWRGG8\"><meta itemprop=\"type\" content=\"StoryLink\">Oman Returns to Debt Market as Rally Reduces Borrowing Costs<\/td>\n<\/tr>\n<tr>\n<td><meta itemprop=\"suid\" content=\"QILKBLDWX2PZ\"><meta itemprop=\"type\" content=\"StoryLink\">Oman Warns on Debt, Entrenched Double-Digit Budget Deficits <\/td>\n<\/tr>\n<tr>\n<td><meta itemprop=\"suid\" content=\"QIKGZ9DWRGG0\"><meta itemprop=\"type\" content=\"StoryLink\">Oman Dangles Bailout Card to Win Over Investors for Bonds<\/td>\n<\/tr>\n<tr>\n<td><meta itemprop=\"suid\" content=\"QIJHVIDWLU6H\"><meta itemprop=\"type\" content=\"StoryLink\">Oman Returns to International Debt Markets, Skips Shortest Bond<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li>The total financial boost from the measures taken in the 2021 budget plan is estimated at 3.5 billion rials.\n<ul>\n<li>Of that inflow, proceeds from VAT and excise tax will add about 413 million rials this year, while revenue collected from income tax on companies is seen at 400 million rials. Remaining revenue will amount to about 1.4 billion rials.<\/li>\n<\/ul>\n<p>Source: <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-01-02\/oman-expected-to-add-779-million-in-revenue-from-vat-this-year?srnd=premium\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The implementation of a 5% value-added tax in Oman this year is seen bringing in 300 million rials ($779 million), the Oman News Agency reported [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":103793,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oman Expected to Add $779 Million in Revenue From VAT This Year - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/oman-expected-to-add-779-million-in-revenue-from-vat-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oman Expected to Add $779 Million in Revenue From VAT This Year - 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