Oman: CIT rate may hike in 2017 Budget

Posted on Updated on

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%.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s