(MENAFN)Ubhar Capital SAOC CEO Loai Bataineh stated that Value-added tax (VAT) in Oman is going to offer the government 300 million Omani riyals (about USD780 million) revenues in current year and 400 million omani riyals in coming year.
Al Arabiya quoted him as saying that the decrease in revenues in the first three months is attributed to the decrease in the price of oil and the restructuring of some government investments.
Batained further declared that enhanced oil prices and production, governmental apparatus restructuring and VAT implementation in mid-April 2021, is going to reproduce a better performance in the second three months.
Oman budget deficit stood at 751 million Omani riyals in the first three months of 2021 (USD2 billion), according to 30 percent decrease in revenues affected by the pandemic and decrease in oil prices.
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