MUSCAT: Oman will continue with the reforms as part of the 2040 vision and is also committed towards implementing the Value Added Tax (VAT) by early next year, according to His Excellency Ali bin Masoud Al Sunaidy, Minister of Commerce and Industry.
“We are committed towards launching it at the beginning of 2021, but this is something people don’t like,” he said on the sidelines of the World Economic Forum in Davos.
Speaking in an interview to Bloomberg, Sunaidy stressed that the government under His Majesty Sultan Haitham bin Tariq bin Taimur will be consistent with the policies laid out by the late His Majesty Sultan Qaboos.
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“His Majesty Sultan Haitham bin Tareq has made it clear in his first statement to Oman and the world that he will be consistent with the policies of late His Majesty Sultan Qaboos and Oman’s relationship with the world will remain unaffected and that would work on expanding the economy by enabling the private sector,” he said.
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Sunaidy also said that His Majesty who is also the head of Oman’s 2020 Vision program is “very well-informed” about the plans. He also said “Oman will be consistent with its foreign policy but the reform is inevitable. Our GDP dropped tremendously from RO30 to RO26 billion in 2014, but now we are back to RO30 billion.”
“We are hoping to $70/barrel oil prices and but we are getting accustomed to prices below $60/barrel . The economy is being revived at $60, but a price of $70 would have been more comfortable zone,” Sunaidy added.
