Spending cut and taxes raised in Oman 2016 budget

Oman will also revise the prices of petroleum products to correspond with global prices starting mid-January 2016

Oman has released its 2016 budget.
Oman has released its 2016 budget.

Oman's Council of Ministers released a budget comprising key measures in response to the slump in global oil prices. 

According to state agency ONA, these procedures include cutting down government spending, developing non-oil revenues through raising the rates of taxes on the profits of companies and revising and raising fees payable against some government services.

Oman will also revise the prices of petroleum products to correspond with global prices starting mid-January 2016.

The report added: "To mitigate some of the impact of these procedures, the general authority for consumer protection has been ordered to monitor prices to ensure there are no unjustified increases that exceed the direct impact of these procedures."

Oman did not offer further information about its project revenues or planned expenditure for the year.

Experts have previously warned Oman and its construction sector could hit a slump in 2017 unless oil prices recover in 2016

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