VAT, selective tax are new sources of revenue in Oman's state budget
State's general budget for 2021 aims to raise the total government revenues to about $22.47bln
Image used for illustrative purpose. VAT implementation in UAE.
By Staff Writer, Times of Oman
Muscat: The value-added tax (VAT) and selective tax are new sources of revenue in the state budget 2021 at a value of OMR 413 million.
The state's general budget for 2021 aims to raise the total government revenues to about OMR 8.64 billion, an increase of 2 per cent over the expected revenues for the year 2020.
According to the Ministry of Finance, the revenue expected for current year budget was OMR 5.4 million of oil revenues, while non-oil revenues will reach 3.2 billion (OMR 413 VAT and selective tax revenues, OMR 400 million income tax on companies and institutions, OMR 230 million employment licensing fees, OMR 265 million from customs taxes, OMR 800 million from Distribution of investment profits of Oman Investment Authority OIA, OMR 200 million capital revenues, OMR 20 million capital refunds, OMR 892 other revenues).
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