Oman delayed the introduction of the taxes by at least 18 months, even as the largest Arab crude producer outside Organisation Petroleum Exporting Countries (OPEC) contends with lower oil prices and dwindling reserves.
Sunday 09, June 2019
(Bloomberg) --Oman will introduce 100 per cent tax on tobacco, alcohol and pork meat on 15 June, as the Sultanate follows other Gulf governments in trying to pare its reliance on oil revenue.
Energy drinks will also be subject to a 100 per cent levy and there will be a 50 per cent tax on carbonated drinks, according to the Secretariat General for Taxation website.
Saleh bin Said Masan, the Head of the Economic and Financial Committee at the Shura Council, said that the new taxes could generate about OMR 100 million ($260 million) annually.
The country’s slow progress in making fiscal reforms has contributed to it slumping into junk grades at credit-rating providers, as well as fuelling concerns that it may need to follow Bahrain in seeking a bailout from wealthier neighbours.