Oman Expected to Add $779 Million in Revenue From VAT This Year

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’s finance minister, Bloomberg News reported. Oman’s 2021 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 5% VAT in an effort to bolster the economy and curb its widening budget deficit. Read more.