North America

Central & South America

Europe

Africa

Asia & Middle East

Southeast Asia & Oceania

map

Oman Business Report

General information
Source: The World Factbook - Central Intelligence Agency
flag
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

Is your company engaged in Middle East trade?

Check out our Explore Opportunities page and find partners for your Oman business.

Join now for free and start doing business in Oman.

On Globartis, you can find thousands of opportunities from the Middle East business, such as Oman import, Oman export, and also to invest in Oman.

Become a member today and connect with Middle East companies, find easily importers in Muscat.

Copyright © Globartis 2021 - Version 3.2.1 - Last update 04-sep-21 - Powered with by  Giplo