On 1 January 2017, the Ministry of Finance of Oman issued a statement on the State’s General Budget for the Fiscal Year (FY) 2017. The budget sets forth prospects for revenue collection from tax and other similar sources. CIT laws are expected to include an increased CIT rate from 12% to 15%. The government is thinking to launch an excise tax on specific merchandise in 2017 together with the other Gulf Cooperation Council (GCC) countries. Tobacco and alcohol are planned to be taxed at 100% and soft drinks at 50%.