Muscat: Oman is studying to develop its tax system; including strengthening the efficiency and amending to some current income tax and applicable tax incentives policies to keep pace with the world’s best tax practices.
The latest report on financial stability in 2015 by the Central Bank of Oman (CBO) explained that the overall financial situation of the Sultanate was comfortable in 2014.
The report stressed that there is no imminent problem in the banking sector in Oman.
Moreover, the report pointed out that there is an increase of the share of non-oil activities to Gross Domestic Product (GDP), which promotes domestic economic diversification.
The inflation rate in the sultanate moderate, says the report.
The report affirmed that the external sector risks are under control.
The country’s reserves of foreign currency are sufficient, the report pointed out.
About the local banks, the report indicates that they are in good condition, where the sector has a capital base of about 16 per cent of the total risk-weighted assets.
The report affirmed that the overall financial system in Oman is apparently in stable condition.
