80% current revenues from four govt bodies

The total current revenues of ministries, government units and public institutions for the past fiscal year amounted to RO 2.87 billion.

According to the final account of the state for the fiscal year 2021, which was published in the Official Gazette, about 80 per cent of these revenues were from four government institutions.

While the Tax Authority topped the list with RO 849 million, it was followed by Oman Investment Authority with RO 800 million, Royal Oman Police with RO 391 million and Ministry of Labour with RO 236 million.

“Although the total current revenues collected by the end of 2021 decreased by 4.2 per cent compared to the approved budget of RO 3 billion, some items of current revenues rose compared to what was approved in the budget," the account statement points out.

These included income tax on companies and establishments, which increased by 11.5 per cent and government investment profits by 4.1 per cent.

The actual non-oil revenues at the end of 2021, according to the statement, recorded a drop by 8.3 per cent to stand at RO 2.953 billion compared to the approved budget estimates, representing 26.4 per cent of the total actual revenues by the end of 2021.

Oil revenues increased by 52.1 per cent at the end of 2021 compared to the approved budget. Oil revenues represent 73.6 per cent of the total actual revenues by the end of 2021.

Net oil revenues reached RO 5.613 billion, while gas revenues reached RO 2.629 billion.

The actual total financing collected by the end of 2021 amounted to RO 1.621 billion, recording a fall by 27.6 per cent compared to the approved budget estimates of RO 2.240 billion.

At the same time, actual public spending by the end of 2021 went up by 14.1 per cent to reach RO 12.418 billion compared to the estimates of the approved public spending of RO 10.880 billion on the back of an increase in investment expenditure by 32.6 per cent.

Contributions and other expenses rose by 9 per cent and the current expenditure of government units by 4.2 per cent.

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