Oman announces plans to increase corporation tax, cut spending, subsidies | Gulf Business

The sultanate is expected to post a budget deficit equivalent to 17.7 per cent of GDP in 2015

Source: Oman announces plans to increase corporation tax, cut spending, subsidies | Gulf Business

Something of George Osborne’s nightmares, a budget deficit of 17.7%, thanks, in part, to the collapse in the price of oil. Shows the risks of primary commodity over-dependence. One positive though, could be the removal of the superfluous subsidy of petrol.

Thanks to Dominic R.

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