Oman has been facing severe economic crisis even before the spread of the COVID-19 pandemic and the fall of the crude oil prices. In order to stabilise the economy, Oman has planned to introduce 5% Value Added Tax (VAT) from April 2021.
The tax will be exempt for essential food products, medical care, education and financial services according to the royal decree. The fall of the oil prices has caused serious monetary problems for many countries.
According to the International Monetary Fund, the budget deficit of Oman as a share of gross domestic product is anticipated to be the highest in the region.
UAE and Saudi Arabia had also faced similar economic crisis, which was followed by the introduction of VAT in 2018. Saudi Arabia even tripled their tax this year in order to overcome the situation.
The introduction of VAT will bring in an extra income to the country and will help them to stabilise their economy. The year of 2020, has caused immense trouble to the global economy, and every nation is struggling to meet their ends. Countries are coming up with several initiatives to strengthen the economy and to help its people.
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