Oman: Tax and revenue provisions in 2017 budget

Oman: Tax and revenue provisions in 2017 budget

The 2017 budget in Oman was presented on 1 January 2017. The budget sets forth expectations for revenue collection from tax and other sources.

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Amendments to corporate income tax laws are expected in 2017, including an increased rate of corporate income tax to 15%. Revenue from other taxes, customs duties, and fees is expected to increase.

The government is expected to introduce an excise tax on specific commodities in 2017, in conjunction with the other five Gulf Cooperation Council (GCC) countries. For instance, tobacco and alcohol are expected to be taxed at 100% and soft drinks at 50%. The GCC value added tax (VAT) is expected to be finalized soon.

 

Read a January 2017 report [PDF 153 KB] prepared by the KPMG member firm in Oman

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