Oman's parliament okays tax hikes
Oman is imposing a series of austerity measures after it posted a budget deficit of about $11.7 billion last year.
Muscat - Legislation raises tax rate of LNG firms to 55% from 15%
Oman's parliament voted to sharply raise taxes on the petrochemical industry, non-oil natural resources and liquefied natural gas companies in a drive to address a budget deficit.
The legislation, which is subject to approval by His Majesty Sultan Qaboos bin Said of Oman, raises the tax rate of LNG companies to 55 per cent from 15 per cent. Tax rates for petrochemical firms and on exports of non-oil natural resources, both currently at 12 per cent, would rise to 35 per cent.
Both houses of the Council of Oman, one elected and one appointed, voted in favour of the hikes, which Sultan Qaboos had sent over for review.
Oman is imposing a series of austerity measures after it posted a budget deficit of about OR4.5 billion ($11.7 billion) last year. Gasoline and diesel price subsidies have been cut and similar cuts are planned for electricity and liquid petroleum gas.