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Oman: Taxes and fees’ revenues hit $2.8bn

Rise comes as sultanate seeks to increase non-oil sources to diversify national income

Oman’s revenues from taxes, fees and non-tax revenues increased during the last year to approximately $5.1 billion, Oman News Agency reports.

This rise came at a time when the sultanate seeks to increase its non-oil revenues in its quest to diversify the sources of national income.

Taxes and fees revenues and non-tax revenues have accounted for 14 per cent of total government revenues over the last year, registering a growth rate of 2.7 per cent for the year 2013.

The government revenues rose last year to OMR14.107bn, with an OMR200 million increase from the year 2013.
Last year witnessed a 14.8 per cent increase in revenues from taxes and fees, which rose from OMR943m to OMR1.82bn (roughly $2.8bn), while non-tax revenues decreased from OMR988m to OMR 901m.

The country’s final account tables for the year 2014 referred to an obvious increase in income tax revenues for companies, which rose to OMR448m compared to OMR394m in 2013, while customs tax revenues increased from OMR217m to roughly OMR279m.

Oman’s budget anticipates that the revenues from taxes and fees revenues and non-tax revenues will go up this year to OMR2.380bn.

(OMR1 = AED 9.54 / $1 = AED3.67, at the time of publishing)