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Oman Business Report
General information
Source: The World Factbook - Central Intelligence Agency
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 GDPLow, 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
ArabicEnglish is not widely spoken
Corruption perception index (Source: Transparency International)
Rank 53/180Medium to high level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
No VATIt should be introduced in mid-2020/beginning-2021 (5% rate)
Corporate Tax
15% standard rate with certain exceptions available3% 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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