Oman to raise taxes, gas prices amid global oil slump
Posted December 30, 2015 6:00 am
DUBAI, United Arab Emirates (AP) - Oman is going to cut government spending and also raise taxes and gasoline prices to cover an anticipated budget shortfall in the coming year.
That's according to a statement Wednesday from Oman's Council of Ministers. The council's statement, carried by the state-run Oman News Agency, also says the tax rates for company profits will be raised as well.
The statement says higher gasoline prices likely will go into effect in mid-January, without saying what they would be. The Council of Ministers approved the measures in a vote.
Oman, like the rest of the Mideast, is struggling as oil prices have dropped below $40 a barrel, pushed down by oversupply in the market.
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