AVN 71.14 Increased By ▲ 1.14 (1.63%)
BOP 9.02 Decreased By ▼ -0.06 (-0.66%)
CHCC 135.60 Increased By ▲ 1.99 (1.49%)
DCL 9.67 Increased By ▲ 0.31 (3.31%)
DGKC 108.40 Increased By ▲ 2.40 (2.26%)
EFERT 61.96 Increased By ▲ 0.52 (0.85%)
EPCL 45.35 Decreased By ▼ -0.65 (-1.41%)
FCCL 21.59 Increased By ▲ 0.09 (0.42%)
FFL 15.25 Decreased By ▼ -0.21 (-1.36%)
HASCOL 15.29 Increased By ▲ 0.09 (0.59%)
HBL 130.30 Decreased By ▼ -0.20 (-0.15%)
HUBC 84.46 Increased By ▲ 0.01 (0.01%)
HUMNL 6.09 Increased By ▲ 0.06 (1%)
JSCL 27.11 Increased By ▲ 0.22 (0.82%)
KAPCO 28.85 Decreased By ▼ -0.10 (-0.35%)
KEL 3.72 Decreased By ▼ -0.02 (-0.53%)
LOTCHEM 13.16 Increased By ▲ 0.11 (0.84%)
MLCF 41.05 Increased By ▲ 1.07 (2.68%)
OGDC 100.69 Increased By ▲ 0.29 (0.29%)
PAEL 34.25 Decreased By ▼ -0.05 (-0.15%)
PIBTL 12.91 Decreased By ▼ -0.13 (-1%)
PIOC 96.00 Increased By ▲ 1.80 (1.91%)
POWER 9.81 Increased By ▲ 0.02 (0.2%)
PPL 92.15 Increased By ▲ 1.15 (1.26%)
PSO 206.02 Increased By ▲ 4.52 (2.24%)
SNGP 44.92 Decreased By ▼ -0.44 (-0.97%)
STPL 16.62 Increased By ▲ 0.11 (0.67%)
TRG 71.41 Increased By ▲ 3.78 (5.59%)
UNITY 27.27 Decreased By ▼ -0.26 (-0.94%)
WTL 1.03 Decreased By ▼ -0.03 (-2.83%)
BR100 4,375 Increased By ▲ 0.89 (0.02%)
BR30 22,115 Decreased By ▼ -38.6 (-0.17%)
KSE100 42,048 Increased By ▲ 20.34 (0.05%)
KSE30 17,665 Decreased By ▼ -3.68 (-0.02%)

MUSCAT: Oman on Monday announced the introduction of five-percent VAT on goods and services, to offset a slump in oil prices and an economic downturn exacerbated by coronavirus. The new tax, announced in a royal decree by leader Sultan Haitham bin Tariq, begins after 180 days in April 2021, state television said.

Certain products and services will be exempt, including rent, basic foodstuffs, school fees and public transport. Oman recorded an average annual growth of nearly five percent between 2008 and 2016.

But growth then dropped sharply - to 0.3 percent in 2017, 1.8 percent in 2018 and 0.5 percent in 2019 - amid struggling oil production. Oman, which is to cut oil production under Organization of Petroleum Exporting Countries (OPEC) agreements, is the fourth country in the Gulf Cooperation Council (GCC), a traditional tax-free haven, to introduce Value Added Tax.