Bahrain has embarked on a reworking of its subsidy framework in a bid to ease the budgetary pressures associated with the fall in oil prices. Meanwhile, the government is also pushing forward with diversification efforts, with the kingdom’s $32bn investment strategy fuelling activity in various areas of the economy.
Decreased revenue flows from oil and gas exports are prompting GCC states to look to diversify their economies and income streams and to consider other forms of taxation with increasing urgency. Oman’s tax authorities are focusing on increasing their tax revenues, and may be seen to be applying the current tax legislation more rigorously than...
A range of tax regulations exists in Oman and varies according to organisational type and provenance.
What benefits have come out of the national economic diversification programme, Tanfeedh?
This chapter contains an overview of the tax framework in which local and foreign investors operate, including a rundown of the expected changes to corporate tax rates, a look at the incentives on offer in the special economic zones and a glance ahead at plans for the proposed GCC-wide value-added tax. This chapter contains an interview with Omar Al Sharif, Country Senior Partner Oman, PwC...
Despite ongoing economic pressures associated with the drop in oil prices, Oman’s diversification strategy and efforts to enhance wider revenue streams are beginning to bear fruit, as witnessed by continued growth in the non-oil sector despite dropping incomes and wider regional instability.
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