MUSCAT: Oman’s non-oil revenues by the end of 2020 stood at OMR 2,705.5 million, less by OMR 294.5 million from the approved budget estimates or 9.8%, according to the State’s closing account, issued by the Ministry of Finance.
The decline is attributed to a shrinkage in government services during the COVID-19 lockdown period and government decisions aimed to ease pressure on private sector companies. The fees and taxes collected from commercial activities also dropped due to the pandemic.
The non-oil revenues include revenues from taxes on companies and establishments, the customs tax, the excise tax levied on certain goods, government investment profits and fees charged against rendered services, in addition to the value of repayments of government loans and capital revenues.
Read More
- Oman police detain 10 over street racing in Nizwa and Izki
- Oman’s Musandam seeks tourism relief, studies new port in Khasab
- Crude oil spill reported after tanker overturns in Oman’s Al Dhahirah
- Invest Oman secures RO 3.09 billion in projects as investment drive gathers pace
- Institutions with high energy use must appoint efficiency officers, Oman ministry says
Current revenues constitute 97% of total non-oil revenues, with revenues from taxes and fees by the end of 2020 standing at about OMR 1,199.2 million (down by 23.8% from approved budget estimates. This is in addition to OMR 185.7 million revenues from customs taxes achieved last year, short of OMR 94 million from approved budget estimates. Revenues of the income tax on companies stood at OMR 468.4 million, down by OMR 81.6 million.
The revenues of airport and seaports dropped by 48.5% from approved budget estimates due to the exceptional conditions posed by Covid-19 which caused restrictions on travel and aviation activity during 2020. Meanwhile, medical revenues dropped by 66.4% from approved budget estimates.
