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Oman – The Sultanate aims to have a 25% rise of non-oil revenues

Finanza JIACC

The country expects an increase in non-oil revenues that would reduce the budget deficit.

(Fonte:Arabnews) According to the Finance Ministry, the country will implement a 5 percent value-added tax to help generate almost 300 million rials. Oman is working to reschedule and set a financial reserve to pay future debts.

In view of stimulating the economy and rebuild the financial sector, the ministries are working together to limit the shortage through spending cuts and increased non-oil revenues and to boost economic activity and to create new job opportunities.

The main objective of the government is the revitalizing of economy and the help to sustain and enhance small and medium enterprises’ activities.

The initiatives are the first of a number of actions aimed to limit the impact of COVID-19 pandemic and preserve the Omani economy supporting SMEs and the activities for future development.

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