VAT, excise tax estimated to be over half a billion

Oman Sunday 01/January/2023 16:29 PM
VAT, excise tax estimated to be over half a billion

Muscat: The current revenues in State Budget 2023 are estimated at about OMR3.280 billion. Of these, revenues from value-added tax (VAT) and excise tax are estimated to be about OMR590 million, while income tax revenues (on profits of companies and institutions) are estimated to be about OMR560 million. Revenues from the distribution of dividends from the Oman Investment Authority (OIA) are expected to stand at about OMR800 million, while revenues from government service fees are set to be about at 1.330 billion.

Aggregate revenues and capital returns from State Budget 2023 were estimated to be about OMR50 million.

Budget 2023 is in pursuance of the government’s efforts to implement policies aimed at developing the management of the general finance and upgrading the efficiency of spending.

Hence, spending was estimated according to a set of variables. These include estimating the expenditures of civil ministries in accordance with the actual needs of all civil units, calculating employees’ periodic allowance and promotions of employees who are 2012 seniors, as stipulated by Royal orders.