Tax hike pending

Oman will introduce a 100 percent tax on tobacco, alcohol and pork beginning June 15, with the electronic system for registering excise taxpayers going live the same day, reports The National.

This new tax is in line with the agreement struck between all six nations of the Gulf Cooperation Council and follows a royal decree by Sultan Qaboos bin Said.

In a statement reported by Oman’s national news agency ONA on Saturday, Sulaiman bin Salim Al Aadi, director-general of survey and tax agreements, said there will be a 90-day grace period to allow people and companies to register for the tax, which will come into effect once the grace period ends.

The new taxes could generate about OMR100 million ($260 million) annually.