MUSCAT: Oman is expected to make approximately $3.2 billion from taxes, according to the details of the state budget for 2022 issued by the Ministry of Finance shows.
The projected revenue will come from corporate tax, value-added tax (VAT), customs tax and excise tax.
According to the details, the projected revenue from corporate income tax is expected to be $1.2 billion, while VAT is projected 50% higher compared to 2021. The total revenue from VAT is expected to touch $1.2 billion in 2022 compared to $780 million in 2021. However excise tax is expected to drop by 24% to $221 million in 2022, compared to $293.8 million.
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Sultan Salim Al Habsi, Minister of Finance, said that preliminary data point to the fact that the State Budget 2022 tends to register the lowest deficit since 2014, despite the fluctuation in oil prices over the past period.
