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This Week's Economic Bulletin..

1/ The Sultanate's Non-Tax Revenues Hit Almost RO2 Billion

Muscat, Sept 12 (ONA) ---- The Non-Tax Revenues of the Sultanate in 2014 stood at RO 1.983 billion compared to RO1.931 billion in 2013.

The increase comes at the time the Sultanate seeks to increase the non-oil revenues and diversify sources of national economy.

The non-tax revenues and fees contributed by 14% of the government revenues in 2014; a growth by 2.7% compared to 2013.

The government revenues grew by RO200 million in 2014 compared to 2013 to hit RO 14.107 billion.

The tax and fee revenues increased from RO943.1 million in 2013 to RO 1.82 billion in 2014 ; a growth by 14.8% at the same time, the non-tax revenues declined from RO987.9 million in 2013 to RO900.8 million in 2014.

The state's final account for 2014 pointed out that there has been a remarkable increase in the revenues of income tax, which hit RO448 million in 2014 compared to RO394.2 million in 2013.

The custom tax revenues increased from RO217.3 million in 2013 to RO279.2 million in 2014.

The expats recruitment fees increased from RO154.4 million in 2013 to RO156 million in 2014. The municipal, real estate, vehicle, hotel and other utilities fees have shown remarkable increase, which in turn enhanced non-oil revenues.

Revenues from some non-tax items witnessed a decline in 2014 compared to 2013. The profits from investment in stocks and capital shares declined from RO555.9 million to RO 474 million. The revenues of airports declined from RO33.6 million to RO23.4 million. The revenues of communication services also slumped from RO88.4 million to RO47.9 million.

The revenues of ports, interests on bank deposits, the borrowings, medical fees, compensations, fines, penalties, immigration and passports fees and other assorted revenues witnessed an upward movement that shrank the recession in the other items.

The tax and non-tax revenues, which are key components of the public revenues, are classified under current revenues.

The state's general budget forecasts a growth in the tax and non-tax revenues in 2015 to hit RO2.380 billion.

--- Ends/MS/AH/FS

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Publication:Oman News Agency
Date:Sep 12, 2015
Words:377
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