• Oman

    • Income tax will not be applied in 2023: Oman’s Finance Minister

    By on December 20, 2022

    The Minister of Finance confirms during the meeting that the income tax will not be applied in 2023.

    The Ministry of Finance revealed that the estimates of the state’s general budget for the year 2023 show that total public spending was estimated at RO 12.950 billion, up by 7 percent from the approved spending in the 2022 budget.

    The ministry indicated – in the media meeting for disclosing the details of the budget at the headquarters of the Ministry of Finance – that the total primary public revenues for the state’s general budget for the year 2023 were estimated at about 11 billion and 650 million Omani riyals, up by 10 percent from the approved budget for the year 2022.

    The ministry stated that the 2023 budget deficit amounted to about 1.3 billion Omani riyals, constituting 11 percent of total revenues and 3 percent of GDP, explaining that public debt declined from 70 percent of GDP in 2020 to 43 percent in 2022, noting that The public debt has reached unsafe levels, and therefore it was necessary to expedite the debt repayment.

    The ministry indicated that the financial savings achieved from future public debt service amounted to 127 million Omani riyals, and it also succeeded in reducing the financing needs for the year 2023 by about 1.230 billion riyals.

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