Oman to raise taxes gas prices amid global oil slump

12/30/2015 8:29:35 AM

(MENAFN- Emirates News Agency (WAM))

MUSCAT 30th December 2015 (WAM) -- The Council of Ministers of Oman has approved raising the rates of taxes on the profits of companies and revising and raising fees payable against some government services as well as revising the prices of petroleum products (oil products) in a manner that corresponds to global prices of those products with effect from mid-January 2016.

According to Oman's state news agency ONA the decision was taken in the Council of Ministers (Cabinet of Oman) meeting which discussed a number of procedures aimed at addressing the impact of the slump in oil prices with a view to maintaining the State's financial positions.

The Council of Ministers reviewed the 9th Five Year Plan (2016-2020) project and the State Budget 2016 project at its meeting.

WAM/AAMIR

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