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Oman sharply raises taxes on petchem and LNG firms

by ChemOrbis Editorial Team - content@chemorbis.com
  • 27/05/2016 (13:59)
According to media reports, the Omani government has approved tax increases on petrochemical and LNG firms. According to the new regulation, the government will increase taxes on petrochemical firms to 35% from the current tax rate of 12% while the tax on LNG firms will be increased to 55% from 15%.

The Omani government aims to boost government revenues through these measures as tax receipts have fallen owing to persistently low crude oil prices. Oman is expected to post a 3.3 billion Omani rial ($8.6 billion) budget deficit this year due to lower oil revenues.
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