Muscat July 7, 2022:

The value-added tax (VAT) increased by 0.3 percent over the estimated figure to reach OMR 301 million in 2021 in Oman. The authorities also collected OMR 103 million in selective tax, an increase of 8.8 percent during the same period.

This followed a unified Gulf Cooperation Council (GCC) agreement to implement VAT to find alternative sources of revenue other than oil and gas.

Statistics further reveal that the total tax and fee revenues decreased by 8 percent to reach OMR1.49 billion at the end of 2021 compared to the approved budget estimate of OMR1.62 billion. This decline was mainly attributed to the repercussions of the COVID-19 pandemic on the national economy which had resulted in frequent closures and restrictions on goods and travel movements through international ports.

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