MUSCAT: A senior audit professional expects corporate income tax revenue of the Oman government to touch OMR500 million this year since withholding tax amendments are already effective from February 27.
“I would expect the government to comfortably exceed the budgeted revenues of OMR400 million. I would not be surprised if they even exceed OMR500 million in 2017,” Ashok Hariharan, partner and head of tax, KPMG Lower Gulf, told the Times of Oman.
“Rates have increased by 25 per cent apart from the OMR30,000 exemption threshold being removed, but revenues may not increase proportionately as much and would depend on the profits reported by businesses in 2017.”
He added that the number of firms that are required to pay tax would increase significantly as now even an OMR100 profit would result in a tax liability.
