MUSCAT: In the first quarter of 2022, Oman’s tax collections totalled OMR 168.7 million, up 67 percent over the same period the previous year, owing to an increase in revenue from goods and services taxes.
According to the National Centre for Statistics and Information in the Sultanate (NCSI), tax revenues on goods and services (which include value-added tax and excise tax) accounted for 55.2 percent of total tax revenues in the first three months of this year, bringing the total to OMR 93.1 million, up from OMR 6.1 million in the same period last year.
Oman implemented a value-added tax (VAT) in April 2021, which raised revenue from taxes on goods and services.
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Corporate income tax was reduced to OMR 32.2 million from OMR 48.1 million previously. Similarly, the customs duty declined to OMR 43.3 million from OMR 46.8 million in the first quarter of 2021.
In the first quarter, overall taxes, comprising corporate income tax, customs duty, and taxes on goods and services, accounted for only 5.6 percent of total government revenues of OMR 3 billion and 26.3 percent of non-oil revenues of OMR 641 million.
