Oman’s revenue from corporate income tax jumps by 35%

0
288

هذه الصفحة متوفرة بهذه اللغة: العربية

25 October 2020

MUSCAT (WAF)- The Sultanate’s actual revenues from income tax on companies and institutions increased by 35% in 2019 compared to 2018, according to the final account of the Sultanate’s budget for the year 2019 published today in the Official Gazette.

Corporate income tax revenue amounted to 625 million Omani Rials ($1.6 billion) in 2019 compared to 463 million Omani Rials ($1.2 billion) in 2018, and it accounted for 43% of the total tax and fee revenues of 1.4 billion Omani Rials in 2019.

Oman’s revenues from taxes witnessed an increase during the year 2019, driven by the rise in income tax revenues on the one hand, and the imposing the excise tax, on the other hand, adding RO38.6 million ($88.78 million) to revenues. The fees for licensing telecommunications services was another drive for the increase with more than 8000% jump between 2018 and 2019. Telecommunications fees increased from RO444,444 ($1.15 million) in 2018 to 37.5 million Omani Rials ($97.5 million) in 2019.

Oman’s final account for the year 2019 showed an increase in total actual revenues by 4.8% compared to the estimated and amounted to RO10.6 billion ($27.56 billion). The spendings also increased compared to the estimated by 2.4% to reach RO13.2 billion ($34.3 billion), and the actual deficit reached RO2.6 billion ($6.76 billion) compared to the estimated 2.8 billion riyals.

Actual oil and gas revenues accounted for 75.5% of total revenues with about 8 billion Rials ($20.8 billion), compared to the estimated 7.4 billion Rials ($19.24 billion). Tax and fees revenues accounted for 13.6% of total revenues.