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Omani officials against lifting of 2-year visa ban for expats

Under current rules, expat workers leaving their employer face a ban from working in the country unless they obtain a NOC

Oman receives 10 detainees released from Guantanamo

The transfers are part of Obama’s plan aimed at sending as many as 19 prisoners to at least four countries

Omani mobile operator Samatel announces termination of services

Samatel first launched services in 2010

Eurowings flight from Oman to Germany lands in Kuwait over bomb scare

The flight was carrying 299 passengers

Oman says December oil output slightly lower

More than 90 per cent of Oman’s oil exports went to China

Oman’s City Centre Qurum completes $13m redevelopment

The redevelopment, which began in April 2016, includes the setting up of a Centrepoint store

Oman could become the first country in the Gulf Cooperation Council to introduce value added tax as it looks to raise revenues, according to reports. Oman Daily Observer cites an official familiar with the matter as saying the “final touches” are being made to the country’s draft law relating to VAT. “It is only a matter of timing,” he said, without specifying the tax rate. "There will be no exemptions, and all consumers will pay the VAT upon its implementation," he said, adding, "key sectors, sectors such as health, education and social services may not be included in the new tax net". The source said around 94 food items would also be exempt and the country expected to raise OMR 300m ($779m) each year from the levy for state coffers. However, he ruled out any plans to introduce income tax in the country, according to the publication. A GCC-wide agreement to implement a VAT rate of 5 per cent is in the works with the UAE already confirming its plans. Last month, the emirates said it would implement the levy from January 1 2018. Under the agreement, UAE minister of state for financial affairs Obaid Humaid Al Tayer said other countries in the region would have until January 1 2019 to follow suit. He said at least 100 foot items, bicycles, healthcare and education would be exempt from VAT, which is expected to raise Dhs 12bn ($3.2bn) for the country in its first year. In a report this month, consultancy firm EY’s MENA indirect tax leader Finbarr Sexton said VAT would have a “broad impact” on businesses in the region. “It will diversify government revenue sources and reduce reliance on oil revenues to finance government expenditures,” he said. “The additional revenues collected are likely to fund programmes for the development of job opportunities for nationals and improve education and healthcare in the GCC.” But he warned that there would be severe penalties for non-compliance. “All businesses must undertake a review of their current contracts to determine if VAT has been appropriately addressed,” he said. The implementation of VAT in the GCC is being driven by a prolonged decline in Brent crude prices from a $115-per-barrel peak in mid-2014 to around $40 this month. GCC countries are expected to post average fiscal deficits of 16 per cent this year, with a $275bn regional shortfall, according to the International Monetary Fund. Related articles VAT could become additional cost for GCC businesses Industry GCC Rail Completion Date Could Be Pushed To 2020 - UAE Minister Industry UAE Launches Strategy To Become Most Innovative Country In Seven Years Industry Newsletter Subscribe to get a Gulf Business update each day. By Robert Anderson Email Robert Latest More senior executives at Abu Dhabi bank FGB depart Emirates would buy more A380s even if new version shelved Saudi Aramco prepares for global expansion as IPO looms UAE workers say CEOs accountable for data breaches

Oman denies plans for Gulf-funded multi-billion dollar deposit

Reuters reported yesterday that the country was seeking to boost its foreign exchange reserves to protect its currency

Different Arab money

Oman in talks with GCC states for multi-billion dollar deposit

The talks are at an early stage but “signs so far are positive”, a source said

Meters coming to Oman’s taxis

Mwasalat has promised meters will be introduced across its fleet after it launches later this year

Oman’s expat exodus expected to continue in 2017

Expats in mid and senior level jobs are expected to continue to leave the country this year due to tough economic conditions

Oman taxi drivers increase fares by up to 30%

The recent rise in fuel prices has prompted Omani taxi drivers to increase their fares

US to transfer Guantanamo Bay detainees to Saudi, Oman and UAE

Four detainees are expected to be sent to Saudi within 24 hours

Omanis turned to private sector due to ‘very limited’ government hiring

Omanis are being encouraged to seek employment in the private sector as austerity hits government coffers

Muscat International Airport to introduce new passenger fees

The new fees come in addition to an increase to Oman’s airport tax introduced last year

Oman 2017 budget projects smaller deficit as govt plans tax hikes

The government is mulling changes to income tax and changes to fees charged for hiring foreign workers

Oman’s National Gas Company terminates CEO

Oman raises royalty payments for telecom firms

The government has hiked the fee from 7 per cent to 12 per cent of revenues

Omanoil appoints acting CEO

The ocmpany operates 179 retail petrol stations in Oman

Oman joins Saudi-led Islamic coalition to fight terrorism

Saudi Arabia announced the alliance in December 2015

Oman appeals court overturns ban on Azamn newspaper

The privately-owned newspaper covered a series of judicial corruption cases in 2014

Oman’s Electricity Holding Company raises $325m loan

The facility was divided on a pro rata basis among four subsidiaries, said a banker close to the situation

Oman’s National Gas Company terminates CEO

Oman only GCC state that has not hiked interest rates

Oman’s central bank says it will not “blindly follow the Federal Reserve’s decision”

Oman limits free surgeries, medicines for expat government employees

The new measures come as the sultanate considers further spending cuts in its 2017 budget

Oman looking at spending cuts in 2017 budget – sources

A draft budget for 2017 foresees a 5 per cent cut in spending from this year’s budget

Oman plans to revive $2bn Yiti resort project

The project was halted during the 2009 financial crisis

Oman’s ORPIC shuts Sohar oil refinery because of technical issues

The company has not specified how long the shutdown might last

Oman to increase taxes on wealthy in 2017 budget

Shura Council dismissed cuts to lower and middle class wages

Oman to sell stake in Muscat utility through IPO, private placement

An advisor has been hired to study and prepare both processes

Oman restricts entry of female tourists

Royal Oman Police confirmed the stricter criteria on Twitter

Oman Air launches $7.8m flight training centre

The facility was built in 11 months and the airline now employs 800 pilots and 1,600 crew

Oman’s Sultan Qaboos makes first public appearance in nearly a year

The 76-year old Qaboos appeared in good health