Fiscal Performance: Oman gets RO 345 mln revenues from VAT

Muscat: The Sultanate’s state general budget has achieved a financial surplus of about RO784 million at the end of the first half of this year, compared to the financial deficit recorded during the same period in 2021, according to the financial performance bulletin of the Ministry of Finance.

By the end of H1 2022, total revenue collected amounted to RO 6,724 million, up by 54.2% when compared to RO 4,361 million registered over the same period in 2021.

Moreover, the collected revenue accounted for 63.6% of total revenue estimated in 2022 Budget, i.e., RO 10,580 million. This is due to an increase in the net oil revenue.

At the end of H1 2022, net oil revenue stood at RO 3,187 million, up by 40.1% compared to the same period in 2021.

This is a result of an increase in the average oil price to $87 per barrel compared to $53 per barrel achieved over the same period in 2021 and a rise in average oil production to 1,037 thousand barrels per day compared to 952 thousand barrels per day registered over the same period in 2021.

By the end of H1 2022, gas revenue amounted to RO 1,729 million, up by 137.8% compared to the same period in 2021. This is as a result of higher gas prices and production.

At the end of H1 2022, current revenue amounted to RO 1,796 million, up by 34.3% compared to the same period in 2021. Tax and fees revenue amounted to RO 1,125 million, up by 71.5% compared to the same period in 2021.

At the end of H1 2022, corporate income tax amounted to RO 424 million, up by 23.3% compared to the same period in 2021.

Moreover, excise tax and VAT revenues amounted to RO 48 million and RO 345 million respectively as of end-H1 2021.

Furthermore, other revenue amounted to RO 671 million, including RO 392 million of dividends received from Oman Investment Authority at the end of H1 2022.