Tax reforms likely to net RO 400m

MUSCAT: A report prepared by the investors committee of Oman Investment Stabiliation Fund said that the government’s tax reforms which coincide with the application of the value added tax (VAT) are expected to contribute RO 400 million to the general revenues of the Sultanate. Local corporate revenues, the report said, remained steady as the firms listed on Muscat Securities Market (MSM) posted revenues to the tune of RO 4 billion by the end of 2016, a rise of 5 per cent compared to the previous year. The aggregate net profit of MSM-listed firms amounted to RO 632 million in 2016, an increase of one per cent compared to 2015. Meanwhile, the London-based Oxford Business Group hailed the measures taken by the Sultanate to tackle the fallout of oil prices on the budget.