Home next GCC next Oman

Oman

Oman’s tourism investment arm takes stakes in 8 companies

Omran aims to boost tourism development in the country

Expat workers in Oman forced to give up gratuity for NOC

Private sector firms in the country look to avoid payments to leaving workers

Oman suspends Azamn newspaper following corruption allegations

The private publication alleged corruption in the country’s judiciary

Oman’s National Gas Company terminates CEO

Oman to change Iran gas pipeline route to avoid UAE

The pipeline would be financed on a 50-50 basis by Oman and Iran

Oman posts 19% dip in tourist arrivals for June

Sultanata posts significant declines in inbound and outbound tourism and hotel revenues and occupancy

Omantel ends talks with potential buyer of its WorldCall stake

Omantel took a 56.8 per cent stake in the Pakistani telecom operator in 2008

Oman considers compulsory expat work contract registration

Currently companies are only required to register contracts for Omanis

Oman Tourism reveals plans for three hotels by 2018

The three properties will total 900 rooms

Oman relaxes visa rules

Travellers on multiple entry visas will now be able to stay for longer

Oman airlifts nationals from Istanbul following Turkey coup attempt

About 500 Omanis in Turkey are expected to be flown out of Istanbul

Construction of Oman’s $2.5bn Omagine pearls scheduled for 2017

Project featuring seven pearl-shaped buildings is still seeking funding

Oman’s Majlis Al Shura accused of a lack of urgency for austerity

A hearing of proposals from an economic reform committee was delayed last Thursday when the council broke mid session

Thunderstorms likely to hit Oman ahead of Eid

Global meteorologists have predicted heavy rain in Oman this week

Oman state oil firm raises $4bn loan for projects

The amount raised will be used to finance construction of new facilities

Omani schools criticised for altering grades to maintain rating

Members of Oman’s Majlis Al Shura criticised the practice after a group of teachers notified the Ministry of Education

Oman announces plans to develop its first waterpark in Muscat

The park will be developed on a pubic-private partnership model

Oman finance ministry to issue $2.5bn sukuk to plug budget gap

The bonds will consist of a $1bn five-year issue and a $1.5bn 10-year issue

Oman dismisses expats’ income tax fears

Ministry confirms it has no plans to immediately follow Saudi Arabia’s lead to raise revenue

Oman’s National Gas Company terminates CEO

Oman mulls opening housing market to expats

Expats can currently only buy property in the sultanate’s integrated tourist complexes

IMF warns GCC governments to up deficit reduction measures

The fund said an additional substantial deficit reduction effort is required in the region

World Bank lowers GCC growth forecasts

The organisation pulled back its growth predictions due to lower than expected oil prices

Oman to raise up to $650m from corporate tax increase

Plans to increase the country’s corporate tax rate from 12 per cent to 15 per cent were approved last week

Oman approves new taxes on petrochemical, LNG firms

The new measures come as the sultanate tackles a sizeable budget deficit

Study recommends increasing number of Omanis in leadership roles

The findings of the report by the country’s Youth and Human Resource Committee will be discussed today, according to reports

Mistui, ACWA consortium wins Oman’s largest power project

The 3,319 MW Ibri Sohar-3 power generation scheme is expected to generate 30 per cent of Oman’s electricity

Oman could become the first country in the Gulf Cooperation Council to introduce value added tax as it looks to raise revenues, according to reports. Oman Daily Observer cites an official familiar with the matter as saying the “final touches” are being made to the country’s draft law relating to VAT. “It is only a matter of timing,” he said, without specifying the tax rate. "There will be no exemptions, and all consumers will pay the VAT upon its implementation," he said, adding, "key sectors, sectors such as health, education and social services may not be included in the new tax net". The source said around 94 food items would also be exempt and the country expected to raise OMR 300m ($779m) each year from the levy for state coffers. However, he ruled out any plans to introduce income tax in the country, according to the publication. A GCC-wide agreement to implement a VAT rate of 5 per cent is in the works with the UAE already confirming its plans. Last month, the emirates said it would implement the levy from January 1 2018. Under the agreement, UAE minister of state for financial affairs Obaid Humaid Al Tayer said other countries in the region would have until January 1 2019 to follow suit. He said at least 100 foot items, bicycles, healthcare and education would be exempt from VAT, which is expected to raise Dhs 12bn ($3.2bn) for the country in its first year. In a report this month, consultancy firm EY’s MENA indirect tax leader Finbarr Sexton said VAT would have a “broad impact” on businesses in the region. “It will diversify government revenue sources and reduce reliance on oil revenues to finance government expenditures,” he said. “The additional revenues collected are likely to fund programmes for the development of job opportunities for nationals and improve education and healthcare in the GCC.” But he warned that there would be severe penalties for non-compliance. “All businesses must undertake a review of their current contracts to determine if VAT has been appropriately addressed,” he said. The implementation of VAT in the GCC is being driven by a prolonged decline in Brent crude prices from a $115-per-barrel peak in mid-2014 to around $40 this month. GCC countries are expected to post average fiscal deficits of 16 per cent this year, with a $275bn regional shortfall, according to the International Monetary Fund. Related articles VAT could become additional cost for GCC businesses Industry GCC Rail Completion Date Could Be Pushed To 2020 - UAE Minister Industry UAE Launches Strategy To Become Most Innovative Country In Seven Years Industry Newsletter Subscribe to get a Gulf Business update each day. By Robert Anderson Email Robert Latest More senior executives at Abu Dhabi bank FGB depart Emirates would buy more A380s even if new version shelved Saudi Aramco prepares for global expansion as IPO looms UAE workers say CEOs accountable for data breaches

Oman’s Shura Council argues for lifting of family visa restrictions

Royal Oman Police imposed restrictions on family visas in 2013

Majid Al Futtaim plans $1.3bn investment in Oman malls

Plans include new malls and the expansion of existing locations

Oman to cut public authority worker benefits

Perks being cut include health insurance, annual leave tickets and school fees

Oman plans to build oil storage terminal near Duqm – minister

In its first phase, the storage facility will have a capacity of between 6 million and 10 million barrels of oil

IMF says it’s encouraged by Gulf’s economic reform plans

Six months ago the IMF warned that budget reforms being considered by most of the Middle East’s oil exporters were likely to be inadequate