{"id":4149,"date":"2020-10-12T18:05:16","date_gmt":"2020-10-12T18:05:16","guid":{"rendered":"http:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/?p=4149"},"modified":"2020-10-12T18:05:16","modified_gmt":"2020-10-12T18:05:16","slug":"oman-poised-to-introduce-5-percent-value-added-tax","status":"publish","type":"post","link":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/2020\/10\/12\/oman-poised-to-introduce-5-percent-value-added-tax\/","title":{"rendered":"Oman poised to introduce 5 percent value added tax"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.aljazeera.com\/economy\/2020\/10\/12\/oman-poised-to-introduce-5-value-added-tax\">https:\/\/www.aljazeera.com\/economy\/2020\/10\/12\/oman-poised-to-introduce-5-value-added-tax<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Oman is facing some great economical challenges right now which has led to major financial cuts in the beginning of the year to their defense and security, as well as investment expenditure. Oman\u2019s ruler has issued a decree to start a 5 percent value-added tax in six months\u2019 time, as the Gulf oil producer seeks to boost revenues that were hurt by low oil prices and the coronavirus pandemic. The tax will be on most goods and services, though with some exceptions. All six Gulf Arab states already introduced a 5 percent VAT in 2018 after oil prices had slumped and it affected their revenues. Saudi Arabia, the United Arab Emirates and Bahrain have already introduced the tax, and Riyadh tripled it this year. Oman cut public spending to contain the \u201cfinancial leakage\u201d caused by lower oil prices and the coronavirus lockdowns. Even with the cuts that were mentioned earlier, Oman is still dealing with a 25.1 percent deficit increase on a yearly basis.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I think with Oman being one of the finically weakest regions along with Kuwait and Qatar, this tax is going to really end up helping their economy from their struggles with the oil prices and all of the effects of corona. However I don&#8217;t know if it&#8217;s going to completely go over smoothly with the people of Oman. 5% is not a lot when you&#8217;re looking at one small object like a toothbrush, but when you&#8217;re going to buy a 5,000 dollar air conditioning unit, those prices are going to add up. Oman is an absolute monarchy, so I think once it&#8217;s in place, nothing will make the tax go away unless their ruler, Haitham bin Tariq Al Said, says. I think that not only does Oman want to impose this tax for economic reasons, but maybe they feel pressured to because they are one of the last 3 states in the region to apply this tax.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>https:\/\/www.aljazeera.com\/economy\/2020\/10\/12\/oman-poised-to-introduce-5-value-added-tax Oman is facing some great economical challenges right now which has led to major financial cuts in the beginning of the year to their defense and security, as well as investment expenditure. Oman\u2019s ruler has issued a decree to start a 5 percent value-added tax in six months\u2019 time, as the Gulf oil producer seeks to boost revenues that&#8230; <a href=\"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/2020\/10\/12\/oman-poised-to-introduce-5-percent-value-added-tax\/\">Read more &raquo;<\/a><\/p>\n","protected":false},"author":165,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4149","post","type-post","status-publish","format-standard","hentry","category-article"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/4149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/users\/165"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/comments?post=4149"}],"version-history":[{"count":1,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/4149\/revisions"}],"predecessor-version":[{"id":4150,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/4149\/revisions\/4150"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/media?parent=4149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/categories?post=4149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/tags?post=4149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}