Connect with us

International

Oman Joins Gulf Neighbors Introducing 5% Value Added Tax

Avatar

Published

on


Money-stripped Oman is planning to introduce a delayed 5% value-added tax in April, following the leadership of Gulf neighbors.

The tax will exclude essential food items, medical care, education and financial services, according to a royal decree detailing it Monday. It was originally created to take effect in 2018.

Even before the outbreak of the virus, Oman was often seen among the most vulnerable economies in the six-nation Gulf Cooperation Council. The double shock of lower crude prices and Covid-19 this year brought particularly severe damage to the region. The Sultanate also followed in the footsteps of neighbors this year inoffering debt to take advantage of low borrowing costs.

“We see the long-awaited VAT announcement as essential fiscal reform for Oman to unblock external funds,” said Carla Slim, a Dubai-based economist at Standard Chartered Plc. The Bank predicts that the country’s fiscal deficit will widen to 17% of gross domestic product before recovering next year.

The spread of Oman bond has narrowed as it touched 1000 basis points

The sultanate fiscal deficit during the first half of the year widened by 25% on an annual basis, according to preliminary figures from the statistics service.

Oman bonds strengthened for a ninth day on Monday, with yields on its security due to 2029 falling by 6 basis points to 6.5%. The sultanate’s debt has gained 3.6% this month, surpassing all of its Gulf Arab counterparts, as optimism about the November US election and fiscal stimulus package boosted demand for more risky assets.

BothFitch estimates andMoody’s Investors Service has reduced its sovereignty twice by 2020, saying the government is unlikely to be able to offset the loss of revenue.

read:Oman’s First Half Revenue Reduces 12.4% on Lower Oil Prices

In 2018, the UAE and Saudi Arabia, also blocked by falling oil prices by setting a VAT of 5%. Saudi Arabia tripled its tax this year.

“Implementing VAT by April 2021 could help support government revenue as we see economic growth return to 2.5% in 2021,” Slim said.

– With the help of Netty Idayu Ismail

(Chart updates, standard rental quotes.)

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos



picture credit

ExBUlletin

to request, modification Contact us at Here or [email protected]