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FinancialNews
06-01-21
Oman’s non-oil revenues to increase 25 percent this year
(MENAFN)In the current year, Oman estimates its non-oil revenues to improve 25 percent, up from 2.4 billion Omani rials (USD6.24 billion) in 2020 to about 3.2 billion rials.
The sultanate would apply a 5 percent value-added tax in April that would generate around 300 million rials(about USD 7,125.04 M), Khalid bin Saif Al-Busaidi, media and communications director at Oman’s Ministry of Finance stated on the Asharq channel on Monday.
He further said that, this would lead to a boost in non-oil revenues, which would be revealed in reducing the budget deficit and lowering dependence on oil.
The estimated deficit for this year was 2.24 billion rials, down from 4.2 billion rials in 2020, stated Finance Ministry budget statement.
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