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Oman Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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Population
4,613,241 (July 2017 est.)
GDP (PPP)
$190.1 billion (2017 est.)

GDP growth rate
-0.9% (2017 est.)

First negative GDP growth after decades of strong growth. The economy slowed after the oil price crash.

GDP (PPP) per capita
$46,000 (2017 est.)

High

Local currency
Omani rials (OMR)

Pegged to the USD (1$ = 0,3845 OMR)

Financial stability (Public debt)
46.9% (2017 est.) of GDP

Low, however it increased sharply in the last year due to oil price decrease. Oil contribute more than 70% of government revenue

Inflation
1.6% (2017 est.)

Low

Language
Arabic

English is not widely spoken

Corruption perception index (Source: Transparency International)
Rank 53/180

Medium to high level of corruption

Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
No VAT
It should be introduced in mid-2020/beginning-2021 (5% rate)
Corporate Tax
15% standard rate with certain exceptions available
3% reduced rate for small companies. 55% rate applicable to the taxation of income derived from the sale of petroleum
Duties
Custom duties are nomally 5% on CIF price, subject to certain exceptions (e.g. certain food items, medical supplies)
Higher tariff is imposed on imports of tobacco, among other products

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