Oman to raise taxes, gas prices

31/12/2015 06:03 AST

The Council of Ministers of Oman has approved raising the rates of taxes on the profits of companies and revising and raising fees payable against some government services, as well as revising the prices of petroleum products (oil products) in a manner that corresponds to global prices of those products with effect from mid-January 2016.

According to Oman’s state news agency, ONA, the decision was taken in the Council of Ministers (Cabinet of Oman) meeting which discussed a number of procedures aimed at addressing the impact of the slump in oil prices with a view to maintaining the State’s financial positions.

Kuwait
The Under-Secretary of Kuwait’s Finance Ministry, Khalifa Hamada, said on Wednesday that the expected financial subsidy by the state for citizens is projected at KD 16 billion over the next three, if the subsidy system remains unchanged.

According to the Kuwaiti News Agency, Khalifa added in an interview with Al-Qabas Arabic-language daily, that the continuation of the subsidy system will contribute to increasing expenditure which will lead to an imminent budget deficit.

He said that the government plan to rationalise subsidies will contribute to saving KD 2.6 billion in three years, which shows the importance of the plan at a time when the budget is witnessing a large deficit because of falling oil prices.


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