Oman to raise taxes

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MUSCAT, Dec 30, (KUNA): The Sultanate of Oman has decided to raise the rate of tax on company profits and some government services in addition to modifying the prices of petroleum products in line with world prices for these products, starting from mid-January 2016.

Oman’s Cabinet approved a number of measures to meet the effect of the drop in oil prices in order to ensure the sustainability of the financial situation of the sultanate, said the Oman News Agency, citing a Cabinet statement. The most important taken procedures are reducing government spending, and the development of non-oil revenues

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